Starfish-Digital-Connectivity.jpg

CORPORATE-TO-BANK CONNECTIVITY: THE BENEFITS OF API BANKING

Connectivity

Key Challenges

  • Manual processes and data processing time – These solutions transfer files using human intervention to extract, manipulate, verify, and exchange information between parties. The resulting outcome is inefficient, prone to error, and creates time processing delays.


  • Security – Traditional methods vary in security levels. However, rarely do they employ all principles of encryption, access control and effective key management. This often results in too many people having access to view and modify sensitive information. And leaves companies open to important files being exposed to data leaks and hacking. 
     

  • Regulation – Regulators revise policies to advance technology standards in the financial industry.  Legacy processes may struggle to meet new requirements as they are inherently manual. Labour intensive controls such as two-factor authentication are often used to mitigate risk with inconsistent results.
     

  • Technical debt – Analogue processes struggle to scale across multiple financial banking relationships. This leads to the maintenance of bespoke solutions with increasing technical debt and potential security issues.

 Solution Overview

Starfish Digital provides an overall solution to API onboarding resulting in a repeatable, predictable, managed service to future proof and safeguard your critical financial connectivity.

  • Starfish Connect – Our SaaS (software as a service) platform provides the connectivity between the corporate and the bank’s API Banking services. Our intelligence layer translates data to protect and enable digital investments. Our technology detects and responds swiftly with self-healing processes to provide optimal service quality. Configuration changes, error correction and functionality enhancements are covered twenty-four seven and aligned to our clients’ needs.


  • Starfish Passport – The corporate client universal adaptor. The Starfish Passport integration service bridges technology gaps to connect with corporate client treasury systems. It provides a consistent, repeatable, and secure data feed for financial services.
     

  • Starfish Open Banking APIs – Your digital banking relationship. This defines, by bank, the suite of digital services we deliver. We collaborate with the bank of your choice to curate by asset class the right customer experience for you, their client. For large companies, there are often multiple banking relationships to manage. We facilitate each banking relationship of your choice and integrate them with your finance systems through Starfish Passport.

Key Benefits

API Banking client connectivity provides a scalable, secure, regulatory approved solution. This connects the bank directly with a company’s back-end system to share data in near real-time. Widely used in retail banking, it is gaining rapid adoption for corporate banking.

  • Improved service, lower costs, and higher quality via automation – API Banking connects technologies without the need to extract or manipulate data, and integrates with finance systems to initiate instructions, upload data, system-to-system. These core functionalities result in transparency of information, reduction in human error and timely decision making.

  • Reduced risk – API Banking has established security standards across the industry. Encryption, access control, and effective key management are outlined for banks to follow and are regularly audited for compliance. Companies must similarly enact similar security controls for their own technology systems to ensure a consistent vigilant defence.
     

  • Regulation – Regulators have established policies on how electronic data may be captured and shared. PSD2, consumer data rights, and API frameworks promote the responsible use of data and rights of the customer.

Key Features

Starfish Digital’s modern Corporate-to-Bank connectivity solution offers the following key functionality:

  • Flexible and reusable across a variety of relationships – Digital corporate banking is rapidly evolving with over a trillion USD expected to be redistributed in the next five years. Banks require a solution to repeatably and reliably provide the API onboarding for any client to scale to meet future demand. Similarly, companies require a solution to be flexible and manage banking relationships.
     

  • Security and resilience – Financial services unfortunately draw the attention of hackers and banking focused technologies must meet industry and regulatory standards as the delivery system of business-critical data

  • Future-proof – technology solutions need to adapt to industry trends. Bespoke offerings eventually fall behind and lead to technical debt. Microservice architectures have become the standard for modern application solutions to deliver long term scalable, adaptable value.

Starfish Digital provides API onboarding in a matter of weeks with our proprietary technology. So, you can address today’s challenges and take smart leaps ahead.