The G20 Financial Stability Board (FSB) recently called on the public and private sectors to cooperate on innovation projects for cross-border payments.
Payments innovators must address four main issues: high cost, low speed, limited access, and limited transparency. Together, they constitute serious obstacles to growth and financial inclusion, with corresponding banking services reserved for privileged regions and types of customers.
Smaller local banks, money services businesses and regulated FinTechs are excluded from traditional correspondent banking due to a binary risk-based approach. Instead of managing risk, banks frequently make simple yes/no decisions, pushing underserved people to use unregulated or lightly regulated services for payments.
TenureX has worked with Google Cloud to develop a secure and reliable cloud service that will remove the constraints of bilateral banking relationships. With TenureX, financial counterparties can cooperate seamlessly and confidently, one transaction at a time.
It does not bypass or disrupt corresponding banking services; it adds value and control to the existing structure and uses transaction data to strengthen the interface between banks and increase trust.
Through GCP’s strong integrity and security and reduced risk, TenureX promises to enable its counterparties to communicate multilaterally and objectively in real time, reduce operating costs, obtain new sources of income, diversify income and stimulate financial inclusion.
Developed with the help of Google Cloud Services, the TenureX platform mission will make a major contribution to the G20 roadmap for improving cross-border payments.
Source: Spoke & Israel Valley