TEL-AVIV, Israel, Feb. 16, 2022 /PRNewswire/ -- TenureX recently completed the first transactions on its 'correspondent banking as a service' platform, allowing two financial institutions in different countries to process a cross-border wire in US dollars using their local payment grids instead of SWIFT.
The platform is processing transactions every day between ten early adopters who contributed to its development. The company has set up a waiting list to expand the network of participants, especially financial institutions looking for new correspondent banking relationships.
The trillion-dollar correspondent banking market relies on subjective relationships between banks and access to transaction data which only becomes available after the transaction takes place. Managing these relationships involves costly, manual, and time-consuming compliance activities. Correspondent banking relationships usually end, negatively with de-risking as every new relationship increases complexity, counterparty risk and involves many unpredicted outcomes.
TenureX's platform gathers transaction data and adds it to a unified view we call a Digital Transaction Certificate which lets users create correspondent banking relationships and manage individual transactions. This enables growth, as customers now operate on a new model of relationships which de-risks transactions rather than institutions.
Ultimately, users attract more business, improve efficiency, predictability, and transparency and maintain complete control over the money flow, while minimizing operational and compliance risk.
TenureX is collaborating with Google Cloud and developed a secured and trusted cloud service that eliminates the existing constraints of corresponding banking and relationship management between FI's. With TenureX, counterparties can cooperate seamlessly and confidently, one transaction at a time over a controlled, secured, and compliant network.
Izhar Arieli, TenureX CEO "We're proud to get this vote of confidence only 16 months after launching and to witness the value we bring to this unserved market. When we started TenureX, we set a goal to shift this operation from zero control and partner de-risking to pre-validation, 100% control, and transaction-based de-risking. We couldn't have asked for better design partners than Clarency and H&H. Their input gave us a tremendous push, and we're grateful for their support."
Bob Blower, CEO Clarency, "Real people need to trade wherever they are in the world. The withdrawal of globalized banks to their homelands leaves a huge gap. And while a lot of people are talking about overcoming derisking, leveling global playing fields, and creating financial inclusion, not many are actually out there producing results. Last year we facilitated around $2 billion of safe, compliant payments for many of the world's most excluded regions. With TenureX on the team, we're in a position to double that this year."
Rahul Tripathi, CEO Harbor & Hills "TenureX complement H&H's values, capabilities, and infrastructure. The association of the two businesses offers a great opportunity for the clients to be able to make quick, convenient, and cost-effective cross-border payments."
Notes to editors:
TenureX empowers banks to become the ultimate beneficiaries of the FinTech revolution. Its innovative technology infrastructure makes sending and receiving money across borders faster, more transparent, cost-effective, and better integrated with customer needs. TenureX's platform allows banks and financial institutions to collaborate, gain traction and establish long sustainable relationships based on objective, rich and real-time data on each wire transaction.
For further information: Izhar ArieliCEO and Co-founder Phone+ 972 (0) - 73 – 326-0303 (ISR)+1- 605 – 836-8739 (USA)Email: izhar@tenurex.com
