A naukri.com initiative
Pymnts
3w
224
Image Credit: Pymnts
Tensec Raises $12 Million to Promote Real-Time X-Border Payments
- Cross-border payments FinTech Tensec raised $12 million in new funding to provide real-time payments and financial services for companies in the cross-border payments market.
- Tensec aims to offer real-time payments and transaction banking services to small- to medium-sized businesses, empowering global trading companies to deliver financial services directly to their partners.
- The platform uses artificial intelligence, real-time payments, and global FinTech infrastructure to enable trading companies to offer FX services, cross-border payments, treasury, and other financial services to SMB customers.
- SMB cross-border payments have been lagging behind despite making up a significant portion of annual physical goods trade.
- Tensec's innovative services skip legacy banking infrastructure to offer financial services innovations directly to companies engaged in global trade.
- PYMNTS reported on challenges facing SMBs related to cross-border payments, including concerns about digital wallets, security, integration, complexity, and regulatory uncertainty.
- Financial service providers have an opportunity to address the disconnect by offering streamlined onboarding, compliance clarity, and interoperability across global networks.
- The funding will help Tensec bridge the gap in SMB cross-border payments and drive global commerce accessibility.
- Tensec's goal is to make global commerce faster, cheaper, and more accessible by empowering trading companies with innovative financial services.
- The company's focus on real-time payments and transaction banking services aims to enhance the cross-border payments experience for SMBs.
- Legacy banking infrastructure has hindered SMBs in accessing the necessary financial tools for global trade, prompting Tensec to offer a modern solution.
- The PYMNTS Intelligence report highlighted the reluctance of SMBs to use digital wallets for cross-border payments due to industry standards, partner acceptance, security, integration, and regulatory concerns.
- Tensec's use of AI, real-time payments, and FinTech infrastructure is geared towards transforming the SMB cross-border payments landscape.
- The company plans to disrupt the traditional cross-border payment methods by providing innovative financial services directly to companies engaged in global trade.
- The $12 million funding will support Tensec in its mission to modernize and streamline the cross-border payment experience for SMBs.
- The initiative by Tensec reflects the growing demand for efficient and accessible cross-border payment solutions in the global trade market.
Read Full Article
13 Likes
For uninterrupted reading, download the app