TenureX has entered into a new partnership with SightSpan, a risk management consultancy, with an aim to transform the correspondent banking industry in the US.

Based in Israel, TenureX is a provider of corresponding banking as a service. Its platform is said to free banks and other financial institutions from the limitations of rigid and complex relationships associated with corresponding banking.

SightSpan, which is a US-based boutique advisory group, focuses on risk management as well as security matters.

SightSpan president John Walsh said: “The fintech revolution has almost completely passed by the correspondent banking industry, which is why TenureX is so exciting.

“By sweeping away manual processes, providing rich end-to-end data to all parties, and enabling banks and financial institutions to focus on innovation and growth, TenureX represents the most meaningful development in correspondent banking I have witnessed so far.”

Through the partnership with SightSpan, the Israeli firm will strive to boost efficiency, improve compliance, and open up new opportunities for earning revenue within correspondent banking services.

The partnership will also help in improving compliance for the US and global financial institutions through the “correspondent-banking-in-a-box” service provided by TenureX’s platform.

The two firms will initially focus on the US market where they plan to fix the structural problems within the correspondent banking industry. They expect to help financial institutions in expanding into new markets, launch international settlements, and deploy new payment flows in a quick, cost-effective, and compliant manner.

TenureX co-founder and COO Or Kapelinsky said: “Partnering with market experts adds a crucial layer of compliance consultancy that augments the capability of the TenureX platform, ensuring that our customers have complete peace of mind at all times.

“Thanks to our partnership with the world’s pre-eminent risk and compliance consultancy, SightSpan, we jointly provide a full set of technological and advisory capabilities that will enhance compliance still further, and enable our customers to focus on building relationships and growth.”