Standard Chartered has announced an expanded partnership with Tazapay, a global payments platform, to provide enhanced payment and commerce experiences. The collaboration aims to offer curated financial services on B2B platforms and cater to the growing demand for marketplace-specific financial services.
Facts
- Standard Chartered and Tazapay have formed a global partnership to deliver optimized payments and commerce experiences on B2B platforms.
- This partnership builds upon a memorandum of understanding signed between the two organizations in May 2021.
- The digital Escrow-as-a-Service (EaaS) was successfully launched on Proxtera, a Singapore-based cross-border marketplace, as a pilot engagement.
- B2B marketplaces are the fastest-growing channel in B2B e-commerce, with sales doubling from USD 56 billion in 2021 to USD 112 billion last year.
- Standard Chartered and Tazapay’s proposition enables global marketplaces and e-commerce merchants to accept local payments in over 70 markets through a single API (Tazapay Checkout).
- Tazapay Checkout includes buyer protection features that enhance commercial trust, such as document verification and customized payment release upon completion of transactions.
- The partnership also allows B2B marketplaces to onboard third-party sellers across 170 markets, and Tazapay can leverage Standard Chartered’s banking services.
