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FINANCIAL DATA STRATEGY: INFORMATION, INSIGHTS, BETTER DECISIONS

Data

Key Challenges

  • Clean data sources – A common challenge is identifying data sources that do not require editing or manipulation to use for cataloguing. Often sources derived from manual processes are unreliable due to human error and inconsistent data extraction methods.


  • Consolidating data – Data lakes and key data repositories are the foundation of a data strategy. Finance is a critical repository where data must be consistent and laborious reconciliation processes are used to ensure it is. Data lakes, when not well designed, lead to multiple copies of data and escalating costs.
     

  • Visualisation – Is key to gaining insights and making better decisions. There are numerous tools available, and integration of data sharing is critical to maximise opportunities for business growth and financial management.
     

  • Analytics and Big Data – These are primary tools to derive customer behaviour, market patterns and other insights.  It is important to secure the right data to find matching patterns that can create value.

Starfish Digital 
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

  • Digital finance and treasury – API Banking connects systems without the need to extract and manipulate data. It integrates directly with finance systems to initiate instructions and upload data, system-to-system. This results in real-time transparency of information, reduction in human error and enables dynamic and timely decision making.
     

  • More information, better decisions – With API Banking, inquiry requests regularly outpace transaction requests by multiples. With manual processes, interactions tend to focus on task execution or confirmations, as staff attempt to keep pace with finance systems reflecting time lag data. With API Banking, transactions are verified in real-time with less reconciliation to do. This shifts the focus towards opportunity creation such cash pooling, optimising interest rates, and tracking foreign exchange exposure.

  • Analytics and Big Data – API Banking, in addition to customer relationship data, supply chain, market risk and sales data are used to derive customer behavior, market patterns and other insights.

Key Features

  • 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.

     

  • 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.
     

  • Software compatibility – Starfish Digital is designed to integrate with leading finance software and ERP (Enterprise Resource Planning) systems for seamless sharing of data. Starfish Passport addresses gaps in technology debt. It creates a predictable standardised layer to connect financial service providers with their customers.

  • 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 provide metadata so that our customers may integrate this information seamlessly into their data
    strategy.

Starfish Digital is designed to complement wherever you are on your digital transformation journey. So, you can address today’s challenges and take smart leaps ahead.