Triterras Announces Strategic Partnership with Western Union Business Solutions
March 09 2021 - 7:00AM
Triterras Inc. (Nasdaq: TRIT,
TRITW) (“Triterras” or the “Company”)
, a
leading fintech company for trade 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.
About Triterras Triterras is a
leading fintech company focused on trade and trade finance. It
launched and operates Kratos™—one of the world’s largest commodity
trading and trade finance platforms that connects and enables
commodity traders to trade and source capital from lenders directly
online. For more information, please visit triterras.com or email
us at contact@triterras.com.
About Western UnionThe Western Union Company
(NYSE: WU) is a global leader in cross-border, cross-currency money
movement and payments. Western Union’s platform provides seamless
cross-border flows and its leading global financial network bridges
more than 200 countries and territories and over 130 currencies. We
connect businesses, financial institutions, governments, and
consumers through one of the world’s widest reaching networks,
accessing billions of bank accounts, millions of digital wallets
and cards, and over half a million retail locations. Western Union
connects the world to bring boundless possibilities within reach.
For more information, visit www.westernunion.com.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Triterras’ actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include Triterras’ expectations with respect to future performance.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Triterras’ control and are difficult to predict. Factors
that may cause such differences include but are not limited to
risks and uncertainties incorporated by reference under “Risk
Factors” in Triterras’ Form 20-F (001-39693) filed with the
Securities and Exchange Commission (the “SEC”) on November 16, 2020
(the “Form 20-F”) and in Triterras’ other filings with the SEC.
Triterras cautions that the foregoing list of factors is not
exclusive. Triterras cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Triterras does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
Investor Relations Contacts:Jim Groh, Triterras
Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com
Gateway Investor RelationsCody Slach and Matt
GloverOffice: +1 (949) 574-3860Email: TRIT@gatewayir.com
Media Contacts:Gregory PapajohnOffice of Corporate
CommunicationsTriterras, Inc.Mobile: +1 (917) 287-3626Email:
press@triterras.com
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