POWER YOUR FINANCIAL RELATIONSHPS WITH STARFISH DIGITAL
The Modern Chief Financial Officer:
The Benefits of Real-time Financial Connectivity
Key Challenges
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Lack of insights – Receiving insights in real-time is challenging. Important investment or cost-saving opportunities may be lost. In addition, the time taken to produce reports and respond to requests for financial data can be onerous.
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Manual processes and data processing time – Traditionally, financial information is exchanged via manual processes sending data files. These processes extract, manipulate, verify, and communicate information. Often, the resulting outcome is prone to error, and slow.
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Security – Rarely do manual processes cover sufficient encryption principles, access control and effective key management. Typically, many people can view and change sensitive information - leaving companies open to important files being exposed to data leaks and hacking.
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Technical debt – Company enterprise resource planning (ERP) systems, of which finance is a core piece, usually have aging production versions and technical gaps that require updating. Heritage technology can slow innovation, integration to modern services, and lead to increased security exposure.
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Cyber security - The increased interaction of people, data and technological innovations have led to a rise in cyber risks. Managing investment in the web, email and data security is a crucial consideration for any CFO. Getting data protection right also helps with regulatory compliance.
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 – The corporate client universal adaptor. The Universal Adaptor integration service bridges technology gaps to connect with corporate client treasury systems. It provides a consistent, repeatable, and secure data feed for financial services.
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Starfish Open Banking APIs – Your digital banking relationship. This defines, by bank, the suite of digital services we deliver to you. 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 provide each banking relationship of your choice and integrate them with your finance systems through the Starfish Universal Adaptor.
Key Benefits
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Digital finance and treasury – Companies benefit from automated real-time transparency of information, reduction in human error as well as dynamic and prompt decision making.
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Improved risk and controls – CFOs need to be on top of all current and upcoming regulations, whether they are specific to accounting practices or more wide-ranging. Regulators have set standards for encryption, access control, and effective key management principles for banks to follow and regularly audit financial institutions for compliance purposes. Digital processes remove incidences of human error and inappropriate access to sensitive data.
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More information, better decisions – With API Banking, transactions are verified in real-time. This reduces the need for manual reconciliation and enables CFOs to better manage cash pooling, optimise interest rate returns and identify foreign exchange risks.
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Analytics and big data – API Banking, in addition to customer relationship, supply chain, market risk and sales data, provides a common data source for analytics engines delivering transparency on customer behaviour, market patterns and other insights.
Key Features
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Digital data source - API Banking is a digital data source shared by the bank’s financial system of record. Free of manual processes, the high data quality may be treated as a golden source and directly integrates into finance and treasury systems.
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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.
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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. Starfish Universal Adaptor addresses gaps in technology debt. It creates a predictable standardised layer to connect financial service providers to their customers.
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Analytics metadata – Analytics and big data tools required large volumes of metadata to find patterns. Metadata is smaller and captures the key descriptive information without copying the data itself. All Starfish Digital APIs supply metadata so that our customers may integrate this information effortlessly into their data strategy.
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.