FinLync and Standard Chartered Partner to Accelerate Adoption of Bank’s API Offerings by Corporate Treasury Teams
NEW YORK--(BUSINESS WIRE)--Sep 29, 2021--
FinLync, a global fintech company founded in Singapore that is transforming corporate finance and treasury offices through its world-class products, and Standard Chartered, a leading international banking group, today announced their partnership 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.
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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.
“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,” said Philip Panaino, Global Head of Cash Management at Standard Chartered. “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.”
“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,” said Phillip Klein, co-founder and CEO of FinLync. “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.
This news follows the announcement that Finlync has launched the industry’s first publicly available corporate bank API catalog for treasury and finance teams, providing a comprehensive directory where treasurers can find all available corporate banking APIs worldwide, compare them at the click of a button, and see which bank APIs are already connected to FinLync’s SAP-native apps.
FinLync is a privately held, global fintech company transforming the insights and functionality of corporate finance and treasury offices through its world-class products. FinLync’s ERP native apps and API connectivity empowers treasurers to optimize cash, make better, faster decisions, save time and reduce the resources needed to manage complex finance needs. FinLync’s largest clients include Fortune 500 and Fortune 2000 companies. The firm has employees from 18 different countries and offices in New York, Los Angeles and Singapore. For more information, visit https://www.finlync.com
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
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CONTACT: Vested for FinLync
phone: +1 201 919 4591
phone: +65 6596 4690
KEYWORD: SINGAPORE UNITED STATES NORTH AMERICA ASIA PACIFIC NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: FinLync and Standard Chartered
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PUB: 09/29/2021 10:00 AM/DISC: 09/29/2021 10:02 AM