POWER YOUR FINANCIAL RELATIONSHIPS WITH STARFISH DIGITAL
Meeting the demand for Corporate Open Banking.
Key Challenges
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Technical expertise - API Banking requires technology resources to have the right skill sets to enable digital architectures and future proof systems.
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Security and resilience - Financial services attract attention from hackers and disruptors. While banks invest heavily on information security controls and high availability, the company CIO must also similarly implement controls to avoid disruption and data leakage.
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Technical debt - Companies often have antiquated finance systems or legacy debt inhibiting digital integration. Older versions of software slow agility, have higher maintenance costs and may pose greater cyber risk.
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Differentiation - Each bank provides their unique API Banking configuration. This prevents interoperability for companies to reuse their digital connections from one bank to connect with multiple banks.
There are inherent challenges for CIOs wishing to integrate digital financial services into Finance and Enterprise Resource Planning (ERP) systems:
Your Client Connectivity Platform - Starfish Connect
Starfish Digital is a financial connectivity platform. We digitise and deliver financial data between banks and companies.
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Starfish Connect – Provides an end-to-end managed service with the security and reliability demanded of critical B2B financial infrastructure. Our SaaS (software as a service) platform supports real-time connectivity between the corporate and the bank’s API Banking services.
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Starfish Universal Adaptor – Intelligently unlocks and integrates financial data from any source to any target.
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Starfish Open Banking APIs – Adapt digital connections for corporate clients previously linked to a competitor bank’s API Banking platform. Our data transformation technology translates companies existing connections to new banking providers. So they can continue to operate via a new banking provider without the need to rework existing configurations.
Key Benefits
Large corporate clients demand digital banking products and services. For the Chief Financial Officer, the digitalisation of banking services is a foundation to creating integrated treasury management. Thereby, eliminating the need to manage multiple banking relationships for real-time access to payments, status inquiry, account information and the ability to make dynamic cash management decisions.
For Chief Information Officers, API Banking provides a transparent and secure technology means to build that integration between the banks and their company’s treasury system.
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Security and 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.
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Client Innovation – API Banking enables companies to embed banking services through technology, such as instant payments and loans, into their own products. Innovation opportunities expand beyond routine – building digital capabilities and getting new tools and systems for the organisation. Instead, the expectation is to enhance core capabilities and align outcomes to key business goals.
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Open Banking - Is a strategic operating model, offering banking services as a direct digital channel. Realising the value of open banking comes by reinvigorating legacy architectures with modern tools and approaches, and introducing open solutions and infrastructure to accelerate the adoption of APIs.
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Better data - Storing, managing, and providing the right access to your company’s data will always sit at the foundation of a solid data strategy. Fostering a data-driven culture of innovative decision-making is crucial to building data and analytics practices that deliver positive business outcomes. Adopting Open Banking empowers employees with the data to improve decision making and impact the bottom line.
Key Features
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Buy versus build option – Our banking relationship solutions are quick to deploy and simply the integration to Finance system. As a SaaS offering, you may consume what you want and cancel your subscription at any time.
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Security and resilience – Financial services unfortunately draw the attention of hackers. A solution must meet the standards of industry and regulators as the delivery system of business-critical data.
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Software compatibility – Starfish Digital is designed to integrate with leading finance software and ERP (Enterprise Resource Planning) systems for seamless sharing of data. The Starfish Universal Adaptor addresses gaps in technology debt. It creates a predictable standardised layer to connect financial service providers with their customers.
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Cloud optionality – Starfish Connect is a SaaS platform and multi-cloud public and private capable. Our ecosystem is flexible to provide a solution compatible with your unique needs.
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Future-Proof – Solutions of the future must not be static and continuously adapt to industry trends. Bespoke solutions will 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.
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Data Lake integration – For companies with data analytic engines, we provide the banking service metadata. API Banking, in addition to customer relationship, supply chain, market risk and sales data, are all common data source for analytics to derive customer behaviour, market patterns and other insights.
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.