Triterras Teams With WU Business Solutions On X-Border Payments

To offer international payment services between traders and lenders on its Kratos system, Triterras Inc. has collaborated with Western Union Business Solutions, according to a Tuesday (March 9) announcement.

Srinivas Koneru, founder, executive chairman and CEO of Triterras, said the tie-up “provides us with an opportunity to reduce our client’s transaction cycle times, which will further reduce the borrowing costs of our traders on the Kratos platform.”

Triterras runs Kratos, a commodity trading and trade finance online marketplace that lets commodity traders trade and find financing from lenders online. The marketplace aims to fix a number of problems by bolstering speed, “mitigating document errors and fraud,” and decreasing paperwork, among other benefits.

Moreover, Kratos provides a number of benefits for those providing loans. It “mitigates risk and the risk of fraud,” reduces administration expenses and offers a marketplace of borrowers who have faced “bank-grade anti-money laundering and ‘know-your-customer’ checks,” according to the announcement.

Western Union Business Solutions will provide users of Kratos with the infrastructure for the movement of international funds and knowledge of currency risk management. “We are excited to work with Triterras as a referral partner and provide our leading WU^®EDGE platform to its customers. With global settlement capabilities, a commitment to compliance and expertise in managing currency risk, we can help Triterras make cross-border payments easy and efficient for its users,” Michelle Mak, head of sales, Asia, for Western Union Business Solutions, said in the announcement.

Separately, Morgan Goodwin has connected its EdgeCTP online trade infrastructure with Western Union Business Solutions’ WU EDGE technology, per news in June. The Scottish technology company said that with the combination of EdgeCTP and WU Edge, small and medium-sized businesses (SMBs) get a platform that enables them to compete in global markets. Morgan Goodwin Managing Director Geoff Runcie said in a June announcement that “highly integrated digital trade is here, right now.”