Custom Development For Correspondent Banking Solution

About the project

TenureX platform offers 350+ financial entities streamlined correspondent banking by driving a shift from rigid, bilateral-based to multilateral transaction-based relationships. Born in 2020 in the tech hub of Tel Aviv, Israel, TenureX has already attracted $5 million in investments, demonstrating significant market confidence. To accelerate product development speed and time-to-market, they’ve involved the UppLabs dedicated team.

Client’s Challenges

Limited talent resources

After engaging $5M of investment, the company decided to turn the MVP developed into a full-fledged product. However, TenureX faced a critical challenge in sourcing tech specialists with expertise in FinTech. The pace of the project was ambitious; they had 1 year to turn the MVP into a SWIFT killer. The highly skilled in-house team needed more bandwidth and specialized knowledge in areas critical to expanding the platform’s capabilities. The talent gap threatened to delay the development timeline and hinder the platform’s ability to meet emerging market needs effectively.

Scalability and performance

TenureX struggled to scale its platform right from the start to handle the fast-growing volume of transactions while ensuring adherence to regulatory standards. Integrating compliance frameworks into a single transaction flow posed a significant hurdle. It was compounded by the need to maintain high performance and reliability, ensuring that transactions could be processed swiftly and error-free.

Interoperability

Another significant challenge was developing a unified platform capable of seamless interaction with a wide range of banking systems and financial institutions globally. The diversity in banking protocols, standards, and technologies meant that TenureX needed to create a highly adaptable interface system. It had to facilitate the easy onboarding of new financial entities and ensure secure transaction processing across this varied landscape.

Fraud detection and prevention

TenureX aims to enhance security, transparency, and trust among its users by offering an X-Ray view of each transaction. However, before the UppLabs team involvement, the company faced challenges in implementing advanced security protocols and real-time fraud detection mechanisms. Developing a robust framework that could dynamically adapt to new types of fraud and security threats while not impeding the transaction flow required specialized expertise.

Business impact