TenureXProducts

Delivering real-world impact

Below are examples of how we’re making correspondent banking simpler, safer,
and more profitable for banks and financial institutions worldwide.

Challenge 1

Comprehensive Onboarding

 

Correspondent banks want new banking partners, but onboarding is laborious and protracted, and there is no certainty of increased revenues.

Solution

By focusing on the transaction history and KYCC (know your customer’s customer), Tenurex makes it possible to efficiently onboard financial institutions as counterparties. Our innovative digital platform enables correspondent banks to offer wire transfers and accounts with less risk and eliminate time-consuming manual processing for due diligence.

Key benefits

  • Less back-office resources and lower costs required as a result of enhanced due diligence
  • Access to consistent, in-depth, objective information that supports quick and efficient decision-making 
  • Easier to develop new banking relationships
  • Faster and better onboarding process

The results

  • 50% less time from first intro to account opening 
  • 80% less paperwork and back-and-forth communications  
  • 0% de-risking within 12 months following the on-boarding phase

Challenge 2
Control and operate the wire transfers flow

When clearing a wire transfer on behalf of their respondent banks, correspondent banks don’t know enough about the parties involved, which means they can’t assess the actual risks in real-time, and they must rely on their respondent banks. In addition, they don’t have a single place to operate this business – it’s inefficient, with each wire transfer needing to run through many separate systems and departments.

Solution

TenureX enables to provide with a great end-to-end experience, transparency of fees and predictability of delivery, when clearing (payout or pay-ins) cross border payments. Our platform allows its customers to support and connect with each other through a direct and unified overview of each wire transfer which includes upfront visibility on compliance requirements, execution predictability and costs.

Impacts

  • More predictability about the risks, effort and costs of clearing the wire transfer
  • Reduced overall fees and costs (execute cross border payment in domestic costs)
  • Greater transparency for all parties involved
  • Real-time control on overall transfer flow
  • More predictability about the price of the wire transfer
  • Reduced overall fees and costs
  • Greater transparency for all parties involved 

The results

  • 50% fewer case exceptions and RFIs (No more MT199)
  • 50% less resources invested in the payments and compliance operations related to wire transfers execution
  • 30% higher B2B cross-border wire transfers volume

Challenge 3
Partner with Correspondent bank

When I want to work with a new financial institution, I have to start from zero each time, because each bank has different demands. It takes a lot of time and effort to complete the onboarding process and I don’t know if I will even receive the account in the end.

Solution

TenureX enables every financial institution to build a resilient and diverse network of correspondent banks while evidencing best market practice anti-money laundering (AML) program effectiveness. With our platform, you can easily produce and repeatedly share your digital enhanced due diligence report and profile to effectively engage with other correspondent banks.  

Impacts

  • Improved on-boarding success rates
  • Greater efficiency: ability to consolidate corresponding banking network business development and compliance resources into one central effort 
  • Ability to control your resources and minimize risk when approaching new counterparties 

The results

  • Increase by 10X account opening success rate 
  • 50% less time from first intro meeting to account openings  
  • 0% de-risking following on-boarding phase within 12 months

Challenge 4
Efficiently maintain profitable relationships

Correspondents banks and respondents banks don’t really know if their partnership is actually profitable and they can’t plan ahead. Usually they update their due diligence records and calculate their margins on an annual basis with rough numbers and assumptions. This means that don’t know the actual P/L. In addition, they don’t have a single place to operate this business – it’s inefficient, not clear and frustrating.

Solution

TenureX enables to streamline the performance of each corresponding banking relationship, while increasing revenues and margins. By implementing a cloud-based application and platform, both parties can work digitally, based on a single source of truth, a unified process and programmatic protocols that enables the parties to calculate P/L and risks per wire transfer and create objective reports in real-time.

Impacts

  • 20% increased respondent bank portfolio while maintaining 0% de-risking in 36 months
  • 50% less resources invested in annual RMA updates
  • 0% de-risking as a result of low volumes

Our solutions

Reimagining correspondent banking

TenureX breaks down correspondent–respondent relationships into their core unit – the wire transfer – then re-engineers the correspondent banking experience based on a structured flow of individual transfers.

Our SmartWire and CoreWire APIs provide enriched information about transfers, add structure to the flow of transfers, and enable transfer-based matching between banks and non-bank financial institutions (NBFIs).

Moving from institute-based relationships...

to transfer-based interactions

Ambiguous, “per-institute” risk

Clear, “per-transfer” risk

Decisions based on incomplete, subjective data

Decisions based on enriched, objective data

Rigid, binary relationships

Risk determined pre-decision

Vulnerable to risk post-decision

Granular, multilateral interactions

Inefficient, opaque, manual onboarding process

Efficient, transparent, digital onboarding process

How it works

How TenureX’s Digital Transaction Certificate helps to accurately assess transfer risks

Our DTC is an outcome of our SmartWire API which uses hundreds of data sources to validate basic transaction information and enrich it with metadata related to all parties involved in a transaction – from the Ultimate Payer to the Ultimate Payee through to all the FIs involved in the chain.

Per-transfer clarity

The DTC offers an X-ray view of each transfer, in real time.
Creates a detailed, enriched metadata view:

Background of each party

Relationships between parties

Reason for transfer

Evidence to support approval/rejection

Pre-transfer control

Enables both the originator bank and the correspondent bank to assess risk and authorize each transfer before execution. Creates a controlled environment before a transfer is executed:

Reject or approve

Adjust transfer price

Authorize transfer

How SmartWire helps to accurately assess transfer risks

From manual to digital processes

One-time digital onboarding

Driven by advanced technology

Powered by unified and augmented risk assessment data

From laborious to user-friendly

Transparent, standardized rules

Streamlined workflows

Users can easily set up multiple detailed programs

From prohibitive costs to affordable growth

Handles discrete transactions in a cost-efficient way

Enables greater control and easy scale-up of your business

Users can easily find new partners

Delivering measurable impact worldwide

See examples of how we’ve created tangible value for banks and financial institutions

Benefits of the TenureX platform

Smoother operations

Unified, objective data view

Reduced internal frictions and costs

Straightforward digital processes

Fast setup thanks to simple API integration

Reduced risk

Data driven decision making

An X-Ray view of each transfer before exposure

Enriched data about each involved party

An external, scalable framework that helps filter out noise

Business growth

Access to new volumes, relationships, and partners

Improved offering for banks

Reduced time to market for NBFIs

Improved customer retention and experience

Scroll to Top