TenureX partners with TM Group to deliver Correspondent-BaaS to the Nordics

By Joy Dumasia

TenureX, the Israeli start-up fixing the broken correspondent banking industry, announces a new partnership with TM Group, the technology management and integration experts providing trading, compliance, control rooms, and automation software to the financial services industry.

The new partnership enables TM Group to provide TenureX solutions and services – including its unique “correspondent-banking-as-a-Service” platform – as a managed service provider in the Nordics banking sector to improve compliance, productivity and scale correspondent banking services.

The new partnership marks an important milestone in TenureX’s ambitious expansion strategy, adding a dedicated technology and market specialist focused on the Nordics, one of the most interesting markets for innovation within correspondent banking services. TenureX and TM Group will continue their mutual vision of a customer-first and hands-on approach, working together to fix the structural problems within the correspondent banking services.

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 and 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 dedicated specialist who know to speak the local language and understand the specific needs of unique banking sector and region,” said Or Kapelinsky, TenureX Co-Founder & COO. “Partnering with expert technology and solutions integrators in the Nordics such as TM Group adds a vital layer of local expertise and customer service that TenureX could not offer, and we could not ask for a better fit than TM Group.”

Emil Holmberg, Sales Director at TM Group, said: “The Nordics are a very interesting market for innovation within correspondent banking services, and we found TenureX’s solution and positioning going hand-in-hand with our current know-how and capabilities. This is a great opportunity for TenureX and TM Group to work together for the benefit of our mutual clients. We are looking forward to a successful collaboration.”

IBS Intelligence recently reported that TenureX, the Israeli start-up that is fixing the broken correspondent banking industry, announced a new partnership with a boutique UK consultancy Martin Fiddaman Associates.