Correspondent banking startup TenureX is partnering with technology management and integration firm TM Group in a move to democratize correspondent banking in the Nordics region.
Under the partnership agreement, TM Group will provide TenureX with solutions and services in the Nordics banking industry to enhance compliance and productivity, as well as scale correspondent banking services, according to a Tuesday (Aug. 16) press release.
TenureX offers a correspondent-banking-as-a-service platform and its new partnership with TM Group is a milestone in the firm’s expansion strategy. TenureX recently added a dedicated technology and market specialist focused on the Nordics, which is reportedly among the most innovative markets within correspondent banking services, per the release.
See also: TenureX, Martin Fiddaman Associates Partner to Streamline Correspondent Banking
TenureX and TM Group will work together to continue moving toward their “mutual vision of customer-first and hands-on approach” and collaborating to find ways to amend the “structural problems within the correspondent banking services.”
Headquartered in Tel Aviv, Israel and co-founded in 2020 by banking veterans CEO Izhar Arieli, CTO Ben-Yaniv Chechik, Chief Operating Officer Or Kapelinsky and Chief Product Officer Eyal Azulay, TenureX developed a new platform to revolutionize the correspondent banking industry. The startup saw that the reliance on legacy technology resulted in poorly executed cross-border transfers and that data couldn’t be tapped to make strategic, compliant decisions, according to the release.
Read more: How Nordic Payments Megastructure Can Drive Greater Regional Integration, Harmonization
“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,” Kapelinsky said in the release.
“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,” Kapelinsky added.
TM Group was founded in Copenhagen, Denmark in 2001 and has grown to be a major player in the Nordics, providing trading, compliance, control rooms and automation software to financial services, contact and call centers, the public sector, manufacturing, energy and utility companies, according to its website.
“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,” said Emil Holmberg, sales director at TM Group.
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