TenureX, a comprehensive platform that enables and streamlines correspondent banking relationships, announced that it entered into a partnership with SightSpan, a leading provider of risk management, security solutions, and program management within the Financial and Fintech Industries. This integration is aimed at enhancing efficiency and compliance and creating new opportunities within correspondent financial services.
With the new agreement, TenureX has achieved a significant milestone by enhancing its ground-breaking platform-based strategy for FI-to-FI relationships with a new layer of industry-leading compliance and consulting skills. Furthermore, SightSpan can now offer the TenureX platform independently alongside its main services.
TenureX and SightSpan are now prepared to address structural issues in the correspondent banking sector, starting with the US market. This will allow financial institutions to expand into new markets, implement international settlements, and introduce new payment flows quickly, affordably, and legally.
John Walsh, President of SightSpan, stated, “The fintech revolution has almost completely passed by the correspondent banking industry, which is why TenureX is so exciting. By sweeping away manual processes, providing rich end-to-end data to all parties, and enabling banks and financial institutions to focus on innovation and growth, TenureX represents the most meaningful development in correspondent banking I have witnessed so far. We’re greatly looking forward to working with the team to breathe new life into the industry, and create new opportunities for every participant.”
Established in 2020, TenureX was created by veterans of the banking sector who saw the problems with correspondent banking. Cross-border payments have been inadequately performed as a result of the continuous reliance on legacy technology because of which participants in the payment chain and even within the same organization were unable to access the data needed to make wise, strategic, and legal decisions. To address these issues, TenureX created a new platform called “correspondent banking in a box”.
With the help of this cloud-based digital platform, customers can integrate their risk-based strategy, compliance policies, and digital workflows into every single payment instruction. TenureX now assists clients in lowering the expenses of international trade, removing the burden and complexity from compliance teams, and opening up a vast array of new revenue prospects.
Or Kapelinsky, TenureX Co-Founder & COO, commented, “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 human touch. Partnering with market experts adds a crucial layer of compliance consultancy that the augments the capability of the TenureX platform, ensuring that our customers have complete peace of mind at all times. Thanks to our partnership with the world’s pre-eminent risk and compliance consultancy, SightSpan, we jointly provide a full set of technological and advisory capabilities that will enhance compliance still further, and enable our customers to focus on building relationships and growth.”