Standard Chartered has partnered with fintech FinLync to enable corporate treasury and finance teams to rapidly and easily connect to its application programmer interface (API) offerings via FinLync.
This will allow corporates to make decisions faster, more frequently and based on more precise information, according to Standard Chartered.
By partnering with FinLync, the bank says it is able to support its clients in making the shift to real-time treasury and increase working capital efficiency, as well as differentiate itself from banks limited to legacy connectivity.
According to Phillip Klein, co-founder and CEO of FinLync, in response to market need, many financial institutions are actively building bank APIs today that can drive efficiencies into a myriad of functions for corporates,
Klein suggests that in order to get value from bank APIs, companies must connect them to their end solution, usually enterprise resource planning (ERP).
He says: “Building these connections from scratch is a lengthy and costly process that can take months or years for just a single API. FinLync turns this previously complex connectivity challenge into a simple plug-and-play process.”
“You get rid of bank files and middleware but get all the connections you need, plus real-time data and expanded data points, without having to manage the connectivity. We are excited to partner with Standard Chartered to make their bank API offerings immediately accessible for corporates.”
Philip Panaino, global head of cash, management at Standard Chartered, explains: “Beyond the building of APIs, we recognise the need to take the next step in ensuring that corporates can access these solutions in a fast, secure and easy-to-use manner, to fully deliver the benefits of this seamless connection.”
Panaino adds: “We are excited to work with FinLync, the leading authority in bank API connectivity, and believe this partnership will help our clients rapidly unlock more value from the market-leading APIs we develop for the corporate finance industry.”
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