In early session today, shares of trade and finance-related technology company Triterras Inc. (Nasdaq: TRIT) are picking up momentum. At the time of this writing, the fintech firm’s stock was soaring at $7.69, up 13.42%, following an agreement to enter into a partnership developing a cross-border payment platform.
Can the partnership generate value for the company?
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One of the world’s largest commodity trading and trade finance platforms, Kratos, is operated by Triterras. The platform connects and enables market participants to trade commodities directly online as well as to obtain financing. Kratos is the only platform serving the $10 million sub segment of non-petroleum commodity trade and trade finance using blockchain technology.
Triterras today announced a partnership with Western Union Business Solutions. The collaboration will make it easier to transact international payments between traders and lenders through the Kratos platform. As a result of this partnership, Western Union Business Solutions’ will not only provide Kratos with currency risk management expertise but will also offer Kratos users fast and reliable technology for international fund transfers.
Triterras and its blockchain-enabled Kratos platform will further strengthen by collaborating with West Union Business Solutions which leads global payments technology industry. Over 60,000 individuals and businesses rely on innovative online technology of Western Union Business Solutions and its vast financial network for cross-border payments and currency risk management.
Kratos makes physical commodities traders and borrowers more productive by increasing processing speed and reducing paperwork, errors and frauds. Also, it makes transactions cheaper and easier, reduces process times, improves fraud protection, and provides better analytics and reporting. Essentially, Kratos is an administration solution for lenders, as it reduces costs, mitigates risk and fraud, and provides a market place for borrowers who have had their credentials verified by a real bank.