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 Monex, 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.
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 Monex,” said Scott Reynolds, CEO of TangoTrade. “The combined TangoTrade and Monex 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.”
