Standard Chartered has expanded its partnership with Tazapay to improve cross-border payments for businesses.
The organisations have launched a platform that allows global marketplaces and ecommerce merchants to accept payments from local buyers.
The strengthened partnership will also allow Tazapay to use Standard Chartered’s banking services, including bank accounts, payments and FX solutions.
This latest development builds on the memorandum of understanding between the two organisations, signed in 2021, and the pilot launch of the digital Escrow-as-a-Service on Proxtera, a Singapore-based cross-border marketplace.
The partnership has been driven by increasing demand for marketplace platforms. B2B marketplaces are the fastest-growing channel in B2B ecommerce, with sales doubling from $56b in 2021 to $112b last year, according to Digital Commerce 360.
Anurag Bajaj, global head of bank, broker-dealers and fintech client coverage at Standard Chartered, commented: “Innovation drives a lot of what we do, and the extension of our partnership with Tazapay is another step we’ve taken in our journey towards meeting the growing needs of enterprise marketplaces.”
Rahul Shinghal, co-founder and chief executive officer of Tazapay, added: “Tazapay is focused on simplifying cross-border payments.
“With Standard Chartered, we can now serve larger ecommerce merchants and enterprise marketplaces to collect payments instantly in over 70 markets, delivering superior customer experience and conversion rates.”
Bruno Palma, chief operating officer of business development operations and marketing at WTX.com, an online B2B platform for used commercial vehicles, and a pilot client of the new platform, said: “We find the joint proposition from Standard Chartered and Tazapay to be compelling for both buyers and sellers on our platform.”