Standard Chartered Bank (StanChart) has partnered with Singapore-based fintech Starfish Digital to introduce a multibank connectivity service, automating cash management processes.
The bank said this initiative will allow corporate clients to achieve real-time visibility, access, and control of their cash holdings.
It also aims to support clients in establishing a "speedy, seamless connectivity between their systems and multiple banking relationships".
StanChart leverages Starfish Starfish Digital’s software-as-a-service platform, Starfish Connect which connects corporate finance, enterprise resource planning and treasury management systems to corporate banking services.
This will enhance the bank's API offerings to provide clients with the critical information to reconcile their account balances, transactions, and payments, and as a result, achieve improved control and visibility.
The bank said it is enabling clients’ transition while complementing the growing suite of APIs within its open banking platform aXess.
Standard Chartered's global head of strategic platform partnerships, Janet Thomas said the bank is witnessing growing demand among its corporate clients for a solution to digitise all banking relationships and more accurate cash positions and cash flow forecasts.
"Our partnership with Starfish Digital allows us to directly respond to this need, by offering a plug-and-play solution that provides a real-time treasury experience,” she added.
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