Standard Chartered has unveiled a groundbreaking corporate banking service in partnership with Singapore-based financial connectivity platform Starfish Digital. This collaboration aims to revolutionize inter-bank connectivity and cash management for the bank’s corporate clientele.
The new service is designed to provide corporate clients with seamless access to real-time information on their cash holdings, bolstering their financial management capabilities. At the heart of this transformation is Starfish Digital’s Software-as-a-Service (SaaS) platform, Starfish Connect. This innovative platform seamlessly integrates corporate finance, enterprise resource planning, and treasury management systems with Standard Chartered’s suite of corporate banking services.
Standard Chartered asserts that this partnership empowers its clients to transition seamlessly into the era of real-time treasury management, aligning with the evolving needs of modern businesses. Furthermore, this collaboration underscores the bank’s commitment to expanding the capabilities of its open banking platform, aXess, by incorporating advanced Application Programming Interfaces (APIs) to enrich the digital banking experience for its clients and drive innovation in DLT through bank-fintech partnership.
According to Janet Thomas, Standard Chartered’s global head of strategic platform partnerships, the bank is experiencing a growing demand among its multinational corporate clients for the digitisation of banking relationships and more accurate cash position 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 comments.
Patrick Huang, CEO of Starfish Digital echoes this trend, agreeing that it too is seeing “tremendous demand” for the capabilities outlined in its SaaS platform, “especially from companies exposed to real-time payments”.
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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