REAL-TIME FINANCIAL CONNECTIVITY
The Starfish Universal Adaptor intelligently unlocks and integrates financial data
Key Challenges
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Skills – API Banking requires technology resources with the domain skills and digital integration expertise to enable change and support business processes.
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Technology capabilities – Many companies do not have a digital strategy, underlying infrastructure, processes, and inter-operability capabilities.
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Technical debt – Corporate clients often have antiquated systems or legacy debt inhibiting financial transparency and dynamic decision making.
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Security, privacy, and resilience – Financial transactions require the highest levels of security, privacy, and business critical resilience. While banks invest heavily in information security controls and high availability, distinct levels of investment by the company counterparty may potentially expose the service to disruption and data leakage.
Starfish Digital
Solution Overview
The Starfish Universal Adaptor is our proprietary customer-side integration solution.
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Company-side integration - The Starfish Universal Adaptor is formed of three core elements to help API Banking and data integration with customer-side ERP systems.
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ERP integrator – The ERP Integrator is customised for each corporate customer. It only implements the connections that match the data input/output expectations of a company’s ERP systems.
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Data management engine (DME) – The DME is the reusable data translation, normalisation, security and privacy engine. It bi-directionally translates and normalises data between API Banking portals and corporate ERP system(s). Data is fully encrypted with authentication tokens stored in a secrets vault ensuring data security and privacy.
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API banking connector – We provide standardised connectors for API banking services. When banks connect to Starfish Digital, we expose APIs via our client connectivity SaaS platform, Starfish Connect and integrate Bank APIs with the Starfish Universal Adaptor. Next, we ensure the data is normalised before it is transmitted to the company’s ERP systems.
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Fully managed - Starfish Universal Adaptor is a fully managed product offering. Starfish Digital will deploy, test, and manage all corporate customers we connect and provide 24 x 7 operational support.
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Future-proof maintenance – The Universal Adaptor is supported and modernised by Starfish Digital financial service technology experts. As Bank APIs increase and change, Starfish Digital ensures product currency to deliver market ready capabilities. If the Corporate ERP is changed or replaced, the ERP Integrator will be updated to reflect the new ERP connection.
Key Benefits
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Better data – Systems integration between a company’s finance systems and bank services affords better data with which to reconcile account balances, transactions, and payments. Account history is one of the most used services, reflecting consumer demand for better data digitally less available through traditional methods.
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Customer data – API Banking enables customers to gain near real-time access to their data enabling better financial management including cash management, lending, and payments.
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Better service – Digital integration is complex, costly and time consuming. Utilising a fully managed buy vs build solution enables companies to accelerate connectivity to API Banking without costly investment in time, infrastructure and resources.
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Creation of a culture of co-ownership - A common challenge in building an API banking platform is balancing corporate requirements on process flow and flexibility with internal security and operational risk controls. Our B2B API platform addresses these competing priorities and creates a culture of co-ownership with clients and partners, thereby spreading the cost of innovation and reducing time-to-market.
Starfish Digital provides API onboarding in a matter of weeks with its proprietary technology. So, you can address today’s challenges and take smart leaps ahead.