San Francisco startup Standard Treasury has raised $2.7 million in seed funding to help financial institutions become digital services providers on par with Amazon Web Services, Salesforce, Dropbox and other platforms that businesses and developers deem essential.
“Even the most disruptive financial companies are powered by banks,” Mr. Kimerling, CEO of Standard Treasury
Standard Treasury’s primary offering is a set of REST APIs–application programming interfaces, built to modern Web standards–that let businesses integrate their systems with their banks more easily than before. The APIs let both banks and their customers start automatically doing repetitive tasks that used to require manual review and completion. The APIs should increase operating efficiency for both banks and their business customers, Mr. Kimerling said, especially fast-growing tech ventures that have to pay out, or receive payments, in high volumes and around-the-clock. While many financial tech startups have sought to “disrupt” and “disintermediate” banks–acting as next-generation lenders, payroll and revenue managers, or payment gatekeepers, for example–Standard Treasury’s approach is to help banks modernize their own technology and digital offerings.