TenureX partners with UK banking veteran Martin Fiddaman to tackle gaps in UK's correspondent banking industry
New partnership delivers "correspondent-banking-in-a-box", providing new revenue streams, improved compliance for smaller firms including overseas banks in the UK, challengers, and fintechs
TEL AVIV, Israel, Aug. 9, 2022 /PRNewswire/ -- TenureX, the Israeli start-up that is fixing the broken correspondent banking industry, today announces a new partnership with a boutique UK consultancy Martin Fiddaman Associates to tackle gaps within the UK and European market that prevent smaller firms such as overseas banks in the UK, challengers and fintechs from successfully engaging with correspondent banking services.
The new partnership marks another play for TenureX, adding a dedicated specialist within the UK market focused on solving the pains of these firms which are often ignored, misunderstood, or poorly covered well by some of the larger domestic banks and counterparties.
Focused on the UK and EU markets, TenureX and Martin Fiddaman will continue their mutual vision of first-hand expertise and hand-on approach, working together to fix the structural problems within the correspondent banking services.
TenureX was founded in 2020 by banking industry veterans who realised that correspondent banking was broken. The continued reliance on legacy technology has resulted in poorly executed cross-border payments, with parties in the payment chain - and even within the same organisation - unable to access the data they need to make intelligent, strategic and compliant decisions.
To fix these structural problems, 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, as well as 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 hands-on know-how of a dedicated specialist," said Or Kapelinsky, TenureX Co-Founder & COO. "Partnering with market experts such as Martin adds a crucial extra layer of expertise and customer service that will bring the capability of the TenureX platform to the maximum value for its customers."
"When we met Martin, we realized that we share exactly the same vision: to sweep away the legacy technology that has held back correspondent banking industry for so long, and make it easy for banks and financial institutions to grow their network of correspondent banks without having to worry about the threat of de-risking."
Martin Fiddaman said, "The current correspondent banking model is fundamentally broken and is biased towards the larger players. TenureX has a unique proposition to help restore some balance."
"This is a great opportunity for TenureX and Martin Fiddaman Associates to work together for the benefit of our mutual clients. We are looking forward to a successful collaboration".
About TenureX
TenureX was founded in 2020 by four banking experts with a wide variety of industry experience.
They know first-hand the frustrations and missed opportunities faced by non-bank financial institutions as they struggle to work together, and are passionate about making things simpler for everyone in correspondent banking.
The TenureX vision is to democratize correspondent banking by moving away from subjective, rigid, bilateral, relationship banking. Instead the company is building objective, streamlined, multilateral, transaction-based relationships.
About Martin Fiddaman Associates
Martin Fiddaman Associates is a new specialist management consultancy for Financial Institutions.
It was created to champion the smaller firms in the UK marketplace, such as the overseas Banks in London, UK Challengers and Fintechs. He saw the opportunity to create a dedicated FI consultancy to champion smaller firms like the overseas Banks in the UK, Challengers and Fintechs. He has first-hand experience of how many of these firms are often ignored, or misunderstood, or simply not covered well by some of the larger consultancies.
Martin Fiddaman is a senior banker and business executive with over 30 years of experience in commercial, investment and transaction banking in the City of London working with local, regional, and international financial institutions of all sizes.
https://www.martinfiddamanassociates.com/
For further information:
Izhar Arieli - CEO and Co-founder
Phone
+ 972 (0) - 73 – 326-0303 (ISR)
+1- 605 – 836-8739 (USA)
Email: [email protected]
Logo - https://mma.prnewswire.com/media/1838172/TenureX_Logo.jpg
SOURCE TenureX
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