LONDON, July 23, 2024 /PRNewswire/ -- TerraPay, a
global money movement company, today announces that financial
institutions can send money directly to more than 2.1 billion
mobile wallets around the world using their existing Swift
connectivity, enhancing the cross-border payments experience for
businesses and consumers.
Payments initiated by financial institutions over Swift will
reach TerraPay's system with speed and efficiency, and with
end-to-end transparency from account to wallet, powered by Swift's
transaction tracking capabilities. Swift connects more than 11,500
financial institutions in over 200+ countries.
TerraPay's extensive network facilitates payments to more than
2.1 billion mobile wallets and 7.5 billion bank accounts globally,
giving recipients the flexibility to receive funds in their
preferred currency. This expansive reach underscores TerraPay's
steadfast commitment to fostering financial inclusion and
accessibility on a global scale. It also marks further progress
towards the G20's goals for enhanced speed, greater transparency,
greater access and lower costs in cross-border transactions.
Ambar Sur, Co-Founder and CEO
at TerraPay, said: "This development represents a
strategic leap forward in our mission to revolutionise the
cross-border payments landscape. By marrying Swift's
industry-leading capabilities with TerraPay's advanced digital
infrastructure, we are empowering financial institutions to meet
evolving customer needs with unprecedented speed and
transparency."
"This not only underscores our commitment to innovation, but
also aligns seamlessly with our vision of fostering a borderless
financial ecosystem where moving money everywhere is instant,
reliable and compliant, especially to underserved consumers. We
estimate that we are reaching 600m
unbanked consumers."
Thierry Chilosi, Chief Business Officer at Swift, said:
"It's always exciting to see financial service providers like
TerraPay utilise Swift to innovate their offering and deliver an
enhanced customer experience. It underlines the broad utility of
Swift's highly secure, globally inclusive network, and demonstrates
how we're equipping our community to meet the rapidly rising
expectations for choice and simplicity in cross-border
transactions."
About TerraPay:
TerraPay simplifies global money movement – by providing a
single connection to the most expansive cross-border payments
network regulated in 30 global markets and enabling payments to 144
receive countries, 210+ send countries, 7.5Bn+ bank accounts and
2.1Bn+ mobile wallets. TerraPay is on a mission to connect a
borderless financial world, making moving money everywhere instant,
reliable, transparent and fully compliant. TerraPay pushes the
boundaries for global businesses – ranging from banks, fintechs and
money-transfer operators to travel businesses, creator economy
platforms and e-commerce marketplaces – while driving financial
inclusion in even the most inaccessible markets. Founded in 2014,
TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami,
Bogota, Dar es Salaam,
Kampala, Hague, Dakar,
Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having
received funding from leading investors, including the IFC (the
World Bank), Prime Ventures, Partech Africa and Visa.
For media inquiries, please contact: Juveria Samrin –
Juveria.n@TerraPay.com
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