Standard Chartered has partnered with global payments platform Tazapay to deliver “seamless payments” for cross border e-commerce.
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.
The partnership with Standard Chartered 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.
According to Standard Chartered, B2B marketplaces are the fastest growing channel in B2B e-commerce, with sales doubling from $56bn in 2021 to $112bn last year. The company said this growth necessitates a need for innovative marketplace-specific financial services.
Standard Chartered and Tazapay’s 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), offering a cost-effective and frictionless checkout (Tazapay Checkout) experience when settling commercial cross-border transactions.
Anurag Bajaj, global head of bank, broker dealers and FinTech client coverage at Standard Chartered, said, “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.”
Rahul Shinghal, co-founder and CEO of Tazapay, added, “Tazapay is focused on simplifying cross-border payments and together with Standard Chartered, we can now serve larger e-commerce merchants and enterprise marketplaces to collect payments instantly in over 70 markets, delivering superior customer experience and conversion rates.”
Earlier this year, Tazapay raised $16.9m in its Series A funding round, which was led by Sequoia Capital Southeast Asia.
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