Triterras and Western Union team up on cross-border payments

With a rising commercial payments segment, cross-border payment is in the spotlight for business around the globe. Its cumbersome nature has made several companies jump into this segment to improvise and offer new services and products.

This week, Singapore based trade finance company, Triterras has collaborated with Western Union Business Solutions to provide cross-border payment services between traders and lenders on Kratos platform which is built by Triterras, the press note stated.

“This strategic partnership provides us with an opportunity to reduce our client’s transaction cycle times which will further reduce the borrowing costs of our traders on the Kratos platform,” said Srinivas Koneru, founder, executive chairman and CEO of Triterras.

Under this partnership, Western Union Business Solution will provide clients of Kratos platform with ‘access to fast and reliable technology for the movement of global funds, and expertise in currency risk management’. The press note also stated that Western Union will work as a referral partner and provide with its WU Edge platform to its clients.

Last year, Western Union Business Solutions had partnered with Isabel Group to provide worldwide connectivity to Isabel’s multi-banking platform that will enable organisations to manage their banking and manage payments.

“With global settlement capabilities, a commitment to compliance, and expertise in managing currency risk we can help Triterras make cross border payments easy and efficient for its users”, said Michelle Mak, Head of Sales Asia for Western Union Business Solutions.

Kratos platform is a community trading and trade finance platform that enables commodity traders to trade and source capital from lenders directly online. The company claims that the platform serves clients and solves key problems by ‘reducing paperwork, mitigating document errors and fraud, and increasing speed, with lower transaction costs, faster cycle times, fraud mitigation and higher quality analytics and reporting’.