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Mar 09, 2021 | News Releases

Triterras Announces Strategic Partnership with Western Union Business Solutions

Cross-border payments will become more efficient for commodities traders on the Kratos blockchain-enabled platform

Triterras Inc., a leading fintech company for commodity trading and trade finance, today announced its partnership with Western Union Business Solutions to provide cross-border payments services between traders and lenders on its Kratos platform.

Under this partnership, Western Union Business Solutions’ will offer Kratos users access to fast and reliable technology for the movement of global funds, and expertise in currency risk management. As a leading provider of global payments technology Western Union Business Solutions is a strong complement to Triterras and its blockchain-enabled Kratos platform.

“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. “This partnership is consistent with our overall strategy to continually enhance the value proposition of our Kratos platform to its community of users. The ease of cross-border payments will help make Kratos an even more transformative digital marketplace for trade and trade finance.”

Western Union Business Solutions’ innovative online technology and vast financial network help more than 60,000 individuals and businesses manage cross-border payments and currency risk.

“We are excited to work with Triterras as a referral partner and provide our leading WU®EDGE platform to its customers.  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. This is a significant partnership within our overall strategy to help organisations around the world streamline global payments for their customers.” said Michelle Mak, Head of Sales Asia for Western Union Business Solutions.

Triterras operates Kratos, one of the world’s largest commodity trading and trade finance digital marketplaces that connects and enables commodity traders to trade and source capital from lenders directly online. Kratos is the only non-petroleum commodity trade and trade finance blockchain-enabled platform of scale, serving the sub-$10-million-dollar segment.

Kratos provides transformational benefits for physical commodity traders and borrowers, solving many key problems by reducing paperwork, mitigating document errors and fraud, and increasing speed, while also providing lower transaction costs, faster cycle times, fraud mitigation, improved counterparty discovery, and higher quality analytics and reporting.

For lenders, Kratos cuts administration costs, mitigates risk and the risk of fraud, and provides a marketplace of borrowers who have been subject to bank-grade anti-money laundering and “know-your-customer” checks.