TenureX, the Israeli start-up that is fixing the broken correspondent banking industry, today announces a new partnership with risk management consultancy SightSpan to increase efficiency, enhance compliance, and create new revenue opportunities within correspondent banking services.
The new partnership marks a major 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 on top of its core offering.
Starting in the US market, TenureX and SightSpan are now ready to fix the structural problems within the correspondent banking industry, enabling financial institutions to expand into new markets, roll out international settlements, and deploy new payment flows – quickly, cost-effectively and compliantly.
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 human touch,” said Or Kapelinsky, TenureX Co-Founder & COO. “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.”
“TenureX has had a relationship with SightSpan even before its foundation,” he continued. “SightSpan’s President John Walsh played a crucial role in TenureX’s development, providing expert consultancy right from the ideation stage. We share exactly the same vision: to sweep away the legacy technology that has held back correspondent banking for so long, and make it easy for banks and financial institutions to grow their network of correspondent banks and access lucrative new opportunities around the world.”
John Walsh, President of SightSpan, said, “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.”
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