Standard Chartered and global payments platform Tazapay have partnered to deliver a purpose-built proposition that allows global marketplaces and e-commerce merchants to accept payments from buyers locally in more than 70 markets based on their preferred payment method via a single application programming interface (API), while offering a cost-effective and frictionless checkout (Tazapay Checkout) experience when settling commercial cross-border transactions.

Tazapay Checkout comes with buyer protection that, the companies say, helps enhance the commercial trust between the buyer and seller. The partnership further enables business-to-business (B2B) marketplaces to onboard third-party sellers across 170 markets and allows Tazapay to leverage the bank’s services, including bank accounts, payment acceptance, payouts and foreign exchange solutions.

Driven by growing customer expectations and opportunities to develop new business models, an increasing number of corporates from manufacturing to the service industries are expected to embrace marketplace platforms. In fact, B2B marketplaces are the fastest-growing channel in B2B e-commerce, with sales doubling from US$56 billion in 2021 to US$112 billion last year.

Rahul Shinghal, Tazapay’s CEO, says: “We can now serve larger e-commerce merchants and enterprise marketplaces to collect payments [while] delivering superior customer experience and conversion rates.”