Another major milestone passed as TenureX targets ambitious international expansion
TenureX, the Israeli start-up that is fixing the broken correspondent banking industry, announces a new partnership with TM Group, the technology management and integration experts providing trading, compliance, control rooms, and automation software to the financial services industry.
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The new partnership enables TM Group to provide TenureX solutions and services – including its unique “correspondent-banking-as-a-Service” platform – as a managed service provider in the Nordics banking sector to improve compliance, productivity and scale correspondent banking services.
The new partnership marks an important milestone in TenureX’s ambitious expansion strategy, adding a dedicated technology and market specialist focused on the Nordics, one of the most interesting markets for innovation within correspondent banking services.
TenureX and TM Group will continue their mutual vision of customer-first and hands-on approach, working together to fix the structural problems within the correspondent banking services.
TenureX was founded in 2020 by banking industry veterans who realised that correspondent banking was broken. The continued reliance on legacy technology has resulted in poorly executed cross-border payments, with parties in the payment chain – and even within the same organisation – unable to access the data they need to make intelligent, strategic and compliant decisions.
To fix these structural problems, TenureX developed a new platform to revolutionise the moribund correspondent banking industry by providing “correspondent banking in a box”. This cloud-based digital platform provides a set of innovative solutions that enable customers to embed their risk-based approach and compliance rules into each single payment instruction, as well as digital workflows. TenureX helps customers slash the costs of cross-border transactions, eliminate cost and complexity for compliance teams, and open up a world of new revenue opportunities.
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“Technology is crucial to reviving the correspondent banking industry by bringing full data visibility and a unified pre-agreed set of compliance rules to every party, but it also needs the dedicated specialist who know to speak the local language and understand the specific needs of unique banking sector and region,” said Or Kapelinsky, TenureX Co-Founder & COO. “Partnering with expert technology and solutions integrators in the Nordics such as TM Group adds a vital layer of local expertise and customer service that TenureX could not offer, and we could not ask for a better fit than TM Group.”
Emil Holmberg, Sales Director at TM Group said, “The Nordics are a very interesting market for innovation within correspondent banking services and we found TenureX’s solution and positioning going hand-in-hand with our current knowhow and capabilities.”
“This is a great opportunity for TenureX and TM Group to work together for the benefit of our mutual clients. We are looking forward to a successful collaboration”.
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