Standard Chartered and global payments platform Tazapay are teaming up. The global partnership aims to deliver best in class payments and commerce enabling experiences. The deal is part of the bank’s broader initiative to provide curated financial services on B2B platforms.
The deal builds on a memorandum of understanding signed between the two organisations in May 2021. A pilot launch of the digital Escrow-as-a-Service (EaaS) on Proxtera, a Singapore based cross-border marketplace followed. This is in addition to successfully collaborating with select B2B marketplace clients as pilot engagements.
An increasing number of corporates from manufacturing to the service industries are expected to embrace marketplace platforms. This is driven by growing customer expectations and opportunities to develop new business models. B2B marketplaces are the fastest-growing channel in B2B e-commerce.
Sales are forecast to have doubled from $56bn in 2021 to $112bn in 2022. Standard Chartered says this rapid growth translates to a need for innovative marketplace-specific financial services.
Standard Chartered and Tazapay: accepting payments from 70 markets
Standard Chartered and Tazapay’s purpose-built proposition allows global marketplaces and e-commerce merchants to accept payments from buyers locally in more than 70 markets based on their preferred payment method via a single application programming interface (API). As a result, it offers a cost-effective and frictionless checkout (Tazapay Checkout) experience when settling commercial cross-border transactions.
Tazapay Checkout comes with buyer protection that helps enhance the commercial trust between the buyer and seller. Buyer protection is built upon the EaaS service, with the ability to build in document verification. Examples include shipping proof as well as customised payment release only when transactions are completed. The partnership further enables B2B marketplaces to onboard third-party sellers across 170 markets.
Standard Chartered and Tazapay: meeting the growing needs of enterprise marketplaces
The organisations have further strengthened the partnership with deeper integration of the processes and technologies to deliver these composable solutions. Tazapay can now leverage Standard Chartered’s banking services including bank accounts, payment acceptance, payouts and FX solutions. The partnership will focus on clients across the bank’s network.
“Innovation drives a lot of what we do at Standard Chartered. The extension of our partnership with Tazapay is another step we’ve taken in our journey towards meeting the growing needs of enterprise marketplaces,” said Anurag Bajaj, global head of bank, broker dealers and fintech client coverage at Standard Chartered.
“Tazapay is focused on simplifying cross-border payments and together with Standard Chartered. We can now serve larger ecommerce merchants and enterprise marketplaces to collect payments instantly in over 70 markets. This delivers superior customer experience and conversion rates,” said Rahul Shinghal, co-founder and CEO, Tazapay.