Standard Chartered expands its partnership with Tazapay
By Leandra Monteiro
Standard Chartered and global payments platform, Tazapay announced a partnership to deliver seamless cross-border e-commerce payments as part of the Bank’s broader initiative to provide curated financial services on B2B platforms.
This builds on the MoU signed between the two organisations in May 2021 and the pilot launch of the digital Escrow-as-a-Service (EaaS) on Proxtera, a Singapore-based cross-border marketplace, in addition to successfully collaborating with select B2B marketplace clients as pilot engagements.
“Innovation drives a lot of what we do at Standard Chartered, and the extension of our partnership with Tazapay is another step we’ve taken in our journey towards meeting the growing needs of enterprise marketplaces,” said Anurag Bajaj, Global Head of Bank, Broker-Dealers and Fintech Client Coverage at Standard Chartered.
Standard Chartered and Tazapay’s purpose-built proposition allows global marketplaces and e-commerce merchants to accept payments from buyers locally in more than 70 markets based on their preferred payment method via a single application programming interface (API), offering a cost-effective and frictionless checkout (Tazapay Checkout) experience when settling commercial cross-border transactions.
Tazapay Checkout comes with buyer protection that helps enhance the commercial trust between the buyer and seller. Buyer protection is built upon the EaaS service, with the ability to build in document verification (for example, shipping proof) as well as customised payment release only when transactions are completed. The partnership further enables B2B marketplaces to onboard third-party sellers across 170 markets.
The organisations have further strengthened the partnership with deeper integration of the processes and technologies to deliver these composable solutions. Tazapay can now leverage Standard Chartered’s banking services including bank accounts, payment acceptance, payouts and FX solutions. The partnership will focus on clients across the Bank’s network.
“Tazapay is focused on simplifying cross-border payments and together with Standard Chartered, we can now serve larger e-commerce merchants and enterprise marketplaces to collect payments instantly in over 70 markets, delivering superior customer experience and conversion rates,” said Rahul Shinghal, Co-founder and CEO of Tazapay.
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