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THE STARFISH DIGITAL CORPORATE BANKING EXPERIENCE

Ecosystem

Key Challenges

  • Fintech partnerships – In a disrupted market, how to choose fintech partnerships effectively to supplement a primary corporate banking relationship?
     

  • Integration and compatibility – Finding service providers with a deep knowledge and experience of the financial services industry can be a hurdle, especially when integrating and compatibly sharing data with internal IT banking systems. Fintech providers need to demonstrate a robust knowledge of security and treasury processes.
     

  • Security – In this connected ecosystem, API cyber security has emerged as a priority
    because hackers target banks and banking services.
     

  • Regulatory and risk – How to balance security concerns and different regulatory polices with a best-in-class customer experience? Regulators review and 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 and independent review are often used to mitigate risk with inconsistent results.
     

  • Customer agility to adopt modern technologies – Many companies have yet to transform their business processes and invest in the technology that enables increased agility, adaptability, and digital processes.

Starfish Digital 
Solution Overview

Starfish Digital is a financial connectivity platform. We digitise and deliver financial data between banks and companies. â€‹

  • 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. 
     

  • 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 the Starfish Universal Adaptor.

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Key Benefits

  • Clearer core business focus and fintech partnerships – a focus on core capabilities versus partner proficiencies leads to better investment decisions. Fintech partners can offer complimentary innovative services at scale, more affordably as they have a wider base of customers.
     

  • Faster time-to-market – By adopting a partnership approach, it is possible to experiment and innovate more quickly with experts focused on industry trends, competitors and regulatory initiatives that drive the financial industry to be open and forward looking.

  • Try-before-you-buy approach – With the proliferation of SaaS businesses, financial services providers and companies can test multiple innovative products and services, without significant investment and undergoing a big-bang digital transformation.

Key Features

  • 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.
     

  • 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.
     

  • Repeatable, predictable financial service APIs – Our banking relationship solutions are quick to deploy and accelerate your time to revenue. They are regularly tested for security and regulatory. As a SaaS offering, you may consume what you want and cancel your subscription at any time.
     

  • 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 the future demand. Similarly, companies require a solution to be flexible to manage any bank they have a relationship with.
     

  • 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 – 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.

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.

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