New partnership offers “correspondent-banking-in-a-box”, providing new revenue streams, improved compliance for U.S. and global financial institutions
TEL AVIV, Israel, July 25, 2022 /PRNewswire/ — DurationXthe Israeli start-up that is fixing the broken correspondent banking industry, today announces a new partnership with a risk management consultancy SightSpan to increase efficiency, improve compliance and create new revenue opportunities within correspondent banking.
The new partnership marks a significant milestone for TenureX, adding a new layer of market-leading compliance and advisory capabilities to its revolutionary platform-based approach to the FI-to-FI relationship. Meanwhile, SightSpan can now provide the TenureX platform on a standalone basis in addition to its base offering.
Beginning in the U.S. market, TenureX and SightSpan are now poised to address structural issues within the correspondent banking industry, enabling financial institutions to expand into new markets, deploy international settlements, and deploy new workflows. payment – quickly, cost-effectively and compliant. .
TenureX was founded in 2020 by banking industry veterans who realized correspondent banking was broken. Continued reliance on legacy technology has resulted in poorly executed cross-border payments, with parts of the payment chain – and even within the same organization – unable to access the data they need to make payments. smart, strategic and compliant decisions.
To address these structural issues, TenureX has developed a new platform to revolutionize 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 clients to embed their risk-based approach and compliance rules into every single payment instruction, as well as into digital workflows. TenureX helps clients reduce cross-border transaction costs, eliminate cost and complexity for compliance teams, and open up a world of new revenue opportunities.
“Technology is key to reviving the correspondent banking industry by bringing full data visibility and a unified set of pre-agreed compliance rules to each party, but it also needs a human touch,” said Or Kapelinsky, co-founder and COO of TenureX. “Partnering with market experts adds a crucial layer of compliance consulting that augments the capability of the TenureX platform, ensuring our customers have complete peace of mind at all times. Through our partnership with the largest global risk and compliance advisory firm, SightSpan, we jointly deliver a comprehensive set of technology and advisory capabilities that will further improve compliance and enable our clients to focus on building relationships and growing. »
“TenureX had a relationship with SightSpan even before its founding,” he continued. “The President of SightSpan John Walsh played a crucial role in the development of TenureX, providing expert guidance from the ideation stage. We share the exact same vision: to sweep away the technological legacy that has held correspondent banking back for so long, and enable banks and financial institutions to easily expand their correspondent banking network and access new lucrative opportunities around the world. entire. »
John Walshpresident of SightSpan, said: “The fintech revolution has almost completely passed through the correspondent banking industry, which is why TenureX is so exciting. By sweeping away manual processes, delivering rich end-to-end data to all parties, and enabling banks and financial institutions to focus on innovation and growth, TenureX represents the most significant development in correspondent banking I have witnessed so far. We look forward to working with the team to breathe new life into to the sector and create new opportunities for each participant.
TenureX was founded in 2020 by four banking experts with a wide variety of industry experience. They know firsthand the frustrations and missed opportunities faced by non-banking financial institutions as they struggle to work together, and are passionate about making things easier for everyone in correspondent banking.
TenureX’s vision is to democratize correspondent banking by moving away from subjective, rigid, two-way relationship banking. Instead, the company establishes objective, simplified, multilateral and transaction-based relationships.
SightSpan is a boutique advisory group with local and international expertise focused on risk management and security issues. Some of the world’s largest financial institutions rely on SightSpan’s experts and solutions to mitigate compliance risk and uncover financial crime around the world. SightSpan also helps governments keep people safe in dangerous or high-risk situations, addresses threat financing, money laundering and illicit financial activities in general, and designs communications and training programs to better help the citizens. The SightSpan team focuses on its core set of services and expertise to deliver the most value to each individual client
SightSpan is headquartered in North Carolina and with offices around the world.
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For more information:
Izhar Ariéli – CEO and co-founder
+ 972 (0) – 73 – 326-0303 (ISR)
+1- 605 – 836-8739 (UNITED STATES)
E-mail: [email protected]