Standard Chartered taps FinLync to expand reach of bank’s treasury management offerings

Standard Chartered has tapped Singapore-founded fintech FinLync to help expand the reach of its treasury management offerings, specifically the bank’s application programming interfaces (API) developed for corporate treasury management. [caption id="attachment_219911" align="alignright" width="300"] Photo by Unsplash[/caption] APIs, or software gateways, allow applications to pull data from databases. While treasury management can otherwise involve significant manual tallying of data, API linkages can help firms better streamline processes like balance and transaction inquiry, payments, approvals and reconciliation. Under the partnership with FinLync, the $789 billion bank will co-market the treasury management solutions developed by Standard Chartered and the fintech. FinLync counts the $3.6 trillion JPMorgan Chase and Standard Chartered among its banking partners, and has worked with clients like software giant Citrix and real estate management investment firm Mapletree. “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,” Philip Panaino, global head of cash management at Standard Chartered, said. APIs developed by Standard Chartered cover a range of functions such as transactions, payment initiation, payment status and balances, and they can be accessed via the bank’s open-banking platform, aXess . “We will work closely together to accelerate how treasury and finance teams rapidly and easily unlock the value from Standard Chartered’s API offerings,” Phillp Klein, chief executive at FinLync, told Bank Automation News . He added that while earlier integrating and accessing bank APIs like Standard Chartered’s, corporates would have to engage in long, costly implementation projects, spanning several months or years for a single bank API, this link-up will “significantly reducing the onboarding time for clients.” FinLync standardizes the bank APIs and offers them to banks and corporate clients, similar to Plaid’s offering for retail banks. It also offers a user interface that is already mapped to SAP ERP, as well as a machine learning assisted reconciliation solution that can help reduce the information technology (IT) workload by cutting the need to keep updating internal rules. The reconciliation system sits inside a client’s enterprise resource planning (ERP) and therefore learns and adapts continuously, making “its match rate significantly higher,” Klein previously told BAN . The partnership with Standard Chartered follows a recent release of a publicly available corporate bank API catalog by Finlync aimed at treasury and finance teams. The catalog lets treasurers compare the APIs and see which bank’s offering is already connected to FinLync’s apps. While Klein did not identify any new clients the firm has gained since onboarding Citrix , he said that FinLync has, “many more clients, including a Fortune 5 company, with planned releases in the future.” Walmart, Amazon, Apple, CVS Health and UnitedHealth Group are the top five firms on the Fortune list. Founded in 2015, FinLync raised $16 million in its second funding round in May, led by Point72 Ventures and joined by Nyca Partners, former Palantir CFO Colin Anderson and Plaid founder William Hockey.

Standard Chartered taps FinLync to expand reach of bank’s treasury management offerings

The partnership will help cut onboarding time for corporates to connect with Standard Chartered’s APIs

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Standard Chartered taps FinLync to expand reach of bank’s treasury management offerings

The partnership will help cut onboarding time for corporates to connect with Standard Chartered’s APIs

Funding Wrap: Global investments marked for digital growth

UiPath aims to release on-premise solution in November

Related Posts

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