Dubai – Standard Chartered and global payments platform Tazapay today announced a global partnership to deliver best in class payments and commerce enabling experiences as part of the Bank’s broader initiative to provide curated financial services on B2B platforms.
This builds on the memorandum of understanding signed between the two organisations in May 2021 and the pilot launch of the digital Escrow-as-a-Service (EaaS) on Proxtera, a Singapore based cross-border marketplace, in addition to successfully collaborating with select B2B marketplace clients as pilot engagements.
Driven by growing customer expectations and opportunities to develop new business models, an increasing number of corporates from manufacturing to the service industries are expected to embrace marketplace platforms. In fact, B2B marketplaces are the fastest-growing channel in B2B e-commerce1, with sales doubling from USD56 billion in 2021 to USD112 billion last year2. This rapid growth translates to a need for innovative marketplace-specific financial services.
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 interface3 (API), offering 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 (for example, 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.
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, 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,” 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, delivering superior customer experience and conversion rates,” said Rahul Shinghal, Co-founder and CEO of Tazapay.
WTX.com, an online B2B platform for used commercial vehicles, is among the pilot clients who has tapped on the partnership proposition.
“We find the joint proposition from Standard Chartered and Tazapay to be compelling for both buyers and sellers on our platform, besides being easy to work with,” said Bruno Palma, COO, Business Development Operations and Marketing at WTX.com.
1 Digital Commerce 360: B2B marketplaces are shaping the future of B2B ecommerce, 18 October 2022
2 Digital Commerce 360: B2B marketplaces keep accelerating sales, 7 February 2023
3 These include credit card, local bank transfer, alternative payment methods and other local payments, and varies by market.
For further information please contact:
Head of Growth and Marketing
+65 9758 9570
Group Media Relations
+65 6981 1514
Tazapay is a secure digital payment platform for businesses engaging in cross-border transactions. It provides a full-stack payment solution including cards and local payment methods globally with buyer and seller protection. In just two years, the firm has built a global network of over 170 markets for its card coverage and over 70 markets for its local payments collection coverage. Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has raised USD 16.9 million in venture funding till date.
Tazapay parent company has received in principle approval from the Monetary Authority of Singapore to operate as a major payment institution (MPI), and its Canadian wholly owned subsidiary has a money services business (MSB) licence from FINTRAC Canada.
For more information about Tazapay, please visit https://tazapay.com/.