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How Starfish Digital is transforming corporate banking operations
Starfish Digital is a financial connectivity company enabling embedded finance. It provides financial data connectivity solutions and offers innovative platforms that help businesses automate and optimise their financial processes. With an emphasis on security and efficiency, the Multi Bank Connectivity (MBC) platform connects corporate clients to financial institutions worldwide, ensuring accurate, real-time financial data accessibility.
Tech used
API Management
Open Banking
Data Streams
Telemetry
Singapore
Challenge
Large enterprises often grapple with the complexity of managing multiple banking relationships, each with unique protocols, security requirements, and data formats. This fragmentation results in inefficiencies in financial operations, data consolidation, and reporting.
The challenging demand of real time data. Businesses require instant access to financial information to make informed decisions, but many banks still rely on batch processes that delay critical updates. Access to financial data over weekends and public holidays presents an additional challenge.
The sector is highly regulated. The sensitive nature of financial data demands rigorous security measures, including encryption, secure authentication, and adherence to standards such as GDPR and ISO27001.
Solution
Starfish Digital's MBC tackled these challenges by providing "Unified Connectivity". MBC offers a single, secure channel for linking with multiple financial institutions. By standardising data formats and automating workflows, it simplifies banking relationships and reduces operational burdens.
The platform provides real time insights. The platform ensures real-time access to transaction data, balances, and statements, enabling swift decision-making. API integrations and intra-day reporting provide comprehensive visibility, even during non-business days.
It meets the requirement of robust security measures. With features such as secure authentication, data validation, and encrypted delivery, MBC ensures compliance and safeguards sensitive data throughout transactions.
Businesses can customise connectivity via APIs, SFTP, or other methods, seamlessly integrating with ERP systems such as Kyriba and Oracle NetSuite for efficient financial management. The platform provides gloabal reach and flexibility.
Result
Companies experienced a significant reduction in the time required for financial data aggregation and reconciliation, allowing resources to focus on strategic priorities. The process is streamlined.
It enhances Decision-Making. The availability of real-time data empowered businesses to make quicker, data-driven decisions, boosting financial agility and resilience.
The robust security features instilled confidence in clients, meeting regulatory requirements and protecting sensitive financial information.The flexibility of MBC enabled adoption across diverse industries, expanding Starfish Digital’s global client base.
