The collaboration is a part of the bank’s broader aim to provide curated financial services and products on B2B platforms. It also focuses on enabling B2B marketplaces to onboard third-party sellers across 170 markets globally.
Both companies expanded their strategic partnership to integrate the processes and technologies in order for these new solutions to be delivered seamlessly and securely. Following this deal, Tazapay will be allowed to leverage Standard Chartered’s banking tools, which include payment acceptance solutions, payouts, FX services, and bank accounts.
The collaboration will allow global marketplaces and ecommerce merchants to accept payments from buyers locally in more than 70 markets. This will be based on their preferred payment method while using a single application programming interface3 (API), which aims to offer a cost-effective, frictionless, and secure checkout experience in the moment of making commercial cross-border transactions.
Users and customers will be able to use Tazapay’s products as well, such as its Checkout solution. The tool was designed with buyer protection that improves the commercial trust between the seller and the buyer. It is created upon the EaaS service, and it has the capability to build in document verification, as well as customised payment release that appears only when payments and transactions are completed.
The partnership will be focused on customers across the bank’s network.
Singapore-based fintech for businesses engaging in cross-border payments, Tazapay provides its clients with a full-stack payment solution, such as cards and local payment methods, extending globally and offering buyers and sellers protection.
In February 2023, the company announced its partnership with Volt to add Open Banking to its payment offerings. This was set to allow Tazapay’s clients to extend and increase their cross-border sales, especially for APAC and MENA traders and merchants, focusing on expanding and increasing sales in Europe and the UK.
Tazapay also used Volt’s fraud protection technology in order to identify and stop any questionable payments while leveraging a configurable scoring system.
Earlier in the same month, Tazapay received in-principle approval for a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). According to the details of the press release, the license was set to enable the firm to offer payment solutions, with approval covering the following payment services: merchant acquisition, cross-border money transfers, e-money issuance, domestic money transfer, and account issuance.
Tazapay also raised USD 16,9 million in Series A funding in the same period, which was led by Sequoia Capital Southeast Asia. The company aimed to use the funds for scaling its business across Asia and for expanding to other regions where there is a strong need and demand for cross-border payments, such as the Middle East and Europe. Tazapay was set to use its core capabilities and integrate more local payment services and methods into its suite of solutions, in order to improve the serving process of a growing list of verticals, including cross-border commerce, travel, SaaS, and education technology.
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