StanChart partners with fintech FinLync
Standard Chartered today announces a partnership with global fintech company FinLync to enable corporate treasury and finance teams to rapidly and easily connect to Standard Chartered’s application programming interface (API) offerings, via FinLync.
This will allow corporates to make decisions faster, more frequently and based on more-precise information, all of which provide an edge over their competition without the substantial time and financial investments typically required in such integration projects.
This partnership reflects FinLync’s role as the market leader in bank API connectivity, and Standard Chartered’s commitment to developing API offerings that provide corporate treasurers with 24/7 access to critical information for improved control and visibility. By partnering with FinLync, the Bank is able to support its clients in making the shift to real-time treasury and significantly increasing working capital efficiency, as well as differentiate itself from banks limited to legacy connectivity, all while offloading IT burdens.
Philip Panaino, Global Head of Cash Management at Standard Chartered said:
“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.
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.”
Phillip Klein, co-founder and CEO of FinLync said:
“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. In order to get value from bank APIs, companies must connect them to their end solution, usually an ERP. 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.”
Standard Chartered has developed a number of business-critical APIs, available via its Open Banking platform, aXess, including Transactions, Payment Initiation, Payment Status and Balances.
FinLync’s technology can directly embed account data, via bank APIs, into any clients’ ERP platform, especially for SAP, providing real-time visibility into account data and cash positions. Working together, this partnership will help address the challenges of today’s treasurers, as they continue to face pressure to do more with fewer resources. FinLync frees treasury teams up from delays, IT headaches and risks to provide greater speed, richer and more-precise data, and security.