TenureX and Elucidate have announced a strategic partnership with a mission to increase financial inclusion worldwide and tackle the laborious and outdated approach taken by correspondent banks when onboarding respondent banks and managing the periodic review process of counterparties.
Both companies share the vision that everyone in emerging markets deserves the right to participate in global financial markets. To date, small and medium sized banks in emerging and frontier markets have been denied the ability to engage and create corresponding banking relationships which are the basis of fast, cost-effective payments across borders, often being inappropriately branded and de-risked solely based on their location or lack of scale.
Making use of the vast amounts of under-utilised data available, TenureX and Elucidate will together help small and medium-sized banks demonstrate their financial crime risk management capabilities, quickly access new payment methods and establish better, long-lasting correspondent banking relationships. These benefits ultimately result in a stronger and more transparent network, reducing friction and making the market work better as a whole.
Izhar Arieli, CEO of TenureX, stated: "We continue to focus on our mission to allow banks to de-risk a transaction and not to de-risk a partner. With our partnership with Elucidate, TenureX is adding to its offering a reputable regulated benchmark. Now, TenureX's reflect the best in class enhanced due diligence report on a respondent bank, created in unpresented speed and quality. This partnership is synergetic for both companies, enabling fast growth, effective scale, and high quality services.“
Elucidate adds unrivalled value through a data-driven, standardised approach to identifying and addressing money laundering, bribery, corruption and other financial crime risks, and will demonstrate that banks on boarded by TenureX have consistently proven their ability to control risk, providing evidence of this control via an independent benchmark.
Shane Riedel, CEO and co-founder of Elucidate, stated: “This partnership between TenureX and Elucidate will enable people and institutions in emerging markets to access better, faster and more cost-effective payments and finance. This is the real value that our innovative approaches can bring to the market.”