TangoTrade, Tempus Launch Payment Assurance Solution

The fintech industry continues to make great strides that improve overall business endeavors and strategies. Now, financial technology will impact the way importing and exporting is executed on a global scale.

What Happened

Financial software provider TangoTrade announced Tuesday the launch of its Payment Assurance solution with Tempus, the foreign exchange and international payments company. This advancement will help deliver payment security and leading FX rates to increase global trade opportunities for both 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," the press release states.

The Benzinga Fintech Awards return to New York City in November!

Why It’s Important

For companies involved in international trade, the associated risk is often unavoidable and detrimental to business plans. To combat the risk, companies often rely on a letter of credit to guarantee payment to the exporter upon shipment. These letters, however, result in high fees, low approval rates and a timely process.

TangoTrade enables seamless international trade for small and medium-sized businesses with the help of its Payment Assurance API, which allows importers and exporters to manage the trade payment process from start to finish.

What’s Next

According to company investor and founding deputy director of the Consumer Financial Protection Bureau, Raj Date, these innovations bring additional resources and capabilities to businesses.

"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."

Related Links:

Wirecard Has 'Limited Rationale For Multiple Expansion,' Guggenheim Says In Downgrade

Is Square Still Hip? Street Weighs In After Outlook Disappoints

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: FintechNewsSmall BusinessAPIsFreightpaymentsRaj DateScott ReynoldsSMBsTangoTradeTempus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
fintech-banner
Fintech Focus Newsletter

Your update on what’s going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!