Digital Platform Provides Unprecedented Payment Security and Expanded Global Opportunities for SMBs
SAN MATEO, Calif. and WASHINGTON, July 09, 2019 (GLOBE NEWSWIRE) -- TangoTrade, a financial software provider that empowers small and medium-sized businesses (SMBs) to import and export globally, announced today the launch of its Payment Assurance™ solution with Tempus, a leading foreign exchange (FX) and international payment solutions company. Payment Assurance is the first solution to deliver a combination of payment security and market-leading FX rates that increases global trade opportunities for SMB importers and exporters. Payment Assurance is delivered to SMBs through integrated partners including freight forwarders and B2B marketplaces that leverage TangoTrade’s API so that partner clients can more easily reach both international and domestic markets while reducing the time, costs and risks of transactions.
International trade is fraught with risk, which large companies have traditionally mitigated by relying on a letter of credit instrument offered by major banks, delivering a payment guarantee to the exporter upon shipment. Unfortunately, letters of credit are poorly suited for SMBs due to high fees, low approval rates, and a complex, time-consuming process. This has inhibited SMBs from sourcing globally and leveraging international marketplaces to expand business opportunities.
TangoTrade enables global trade for SMBs through the Payment Assurance API. Integrated partners can offer a simple online interface to importers and exporters that manage the entire trade payment process. For each transaction, full payment from the buyer is held in a dedicated licensed holding account to ensure security for both parties. Once the shipment has been validated by TangoTrade, payment is transferred to the selling party who can take advantage of competitive exchange rates available from Tempus across more than 130 currencies.
By integrating the Payment Assurance API, partners provide important protections to their customers: importers can now avoid non-performance from suppliers while exporters can ship with confidence that their payment will be delivered upon shipment validation. Domestically, the solution enables B2B eCommerce platforms by providing a neutral intermediary to secure payment between buyers and sellers of larger ticket items.
“By partnering with TangoTrade to launch Payment Assurance, Tempus is extending our commitment to simplifying payments by delivering innovative digital FX solutions and unmatched market expertise to our clients conducting business around the world,” said Juan Pablo Carriedo, CEO of Tempus.
“We’re excited to be working with a world-class partner in Tempus,” said Scott Reynolds, CEO of TangoTrade. “The combined TangoTrade and Tempus solution empowers integrated freight forwarders and B2B marketplace partners to remove one of the biggest barriers SMBs face that is preventing them from securely and cost-effectively expanding their business across the globe.”
TangoTrade investor Raj Date, managing partner at Fenway Summer and the founding deputy director of the Consumer Financial Protection Bureau, noted that “fintech innovators like TangoTrade help bring resources and capabilities to SMBs that large corporations take for granted, but that had traditionally been out of reach for smaller firms.”
TangoTrade’s financial software empowers small and medium-sized businesses (SMBs) to import and export with lower risks, costs, and complexity to expand global business. Offered through origination partners such as B2B trading platforms and freight forwarders, the TangoTrade Payment Assurance™ platform combines financing, transaction management, shipment verification and cross-border payment to reinvent the outdated letter of credit. TangoTrade expands global business opportunities for SMBs by fundamentally improving trade finance without the traditional high banking fees and inefficiencies. Founded by industry veterans, TangoTrade is backed by leading investors including Village Global, Fenway Summer and Hard Yaka. For more, visit www.tangotrade.com
Since 1999, Tempus has provided corporate clients with the best foreign exchange (FX) international payment solutions in the industry. Consistently ranked by Bloomberg as a top G10 currency forecaster, Tempus operates in the US and is part of the global Monex group, one of the world’s largest commercial foreign exchange providers. Based in Washington, DC, and together with its global affiliates, Tempus has leveraged a combined annual FX volume over $150 billion to help more than 40,000 clients from a broad range of industries successfully navigate the global currency markets and market fluctuations. www.TempusFX.com
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