New partnership delivers “correspondent-banking-in-a-box”, providing new revenue streams, improved compliance for smaller firms including overseas banks in the UK, challengers, and fintechs
TenureX, the Israeli start-up that is fixing the broken correspondent banking industry, announces a new partnership with a boutique UK consultancy Martin Fiddaman Associates to tackle gaps within the UK and European market that prevent smaller firms such as overseas banks in the UK, challengers and fintechs from successfully engaging with correspondent banking services.
The new partnership marks another play for TenureX, adding a dedicated specialist within the UK market focused on solving the pains of these firms which are often ignored, misunderstood, or poorly covered well by some of the larger domestic banks and counterparties.
Focused on the UK and EU markets, TenureX and Martin Fiddaman will continue their mutual vision of first-hand expertise and hand-on approach, working together to fix the structural problems within the correspondent banking services.
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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.
“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 hands-on know-how of a dedicated specialist,” said Or Kapelinsky, TenureX Co-Founder & COO. “Partnering with market experts such as Martin adds a crucial extra layer of expertise and customer service that will bring the capability of the TenureX platform to the maximum value for its customers.”
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“When we met Martin, we realized that we share exactly the same vision: to sweep away the legacy technology that has held back correspondent banking industry for so long, and make it easy for banks and financial institutions to grow their network of correspondent banks without having to worry about the threat of de-risking.”
Martin Fiddaman said, “The current correspondent banking model is fundamentally broken and is biased towards the larger players. TenureX has a unique proposition to help restore some balance.”
“This is a great opportunity for TenureX and Martin Fiddaman Associates to work together for the benefit of our mutual clients. We are looking forward to a successful collaboration”.
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