Fintech
Financial institutions can now send fast payments directly to e-wallets via TerraPay
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Payment Infrastructure Company TerraPay announced that financial institutions can now send money directly to over 2.1 billion mobile wallets worldwide using their existing systems Fast connectivity.
This development aims to improve the cross-border payments experience for businesses and consumers.
Payments initiated via Swift will flow seamlessly and efficiently through the TerraPay system, from account to wallet, leveraging Swift’s transaction tracking capabilities.
Swift connects over 11,500 financial institutions in over 200 countries.
The TerraPay network facilitates payments to over 2.1 billion mobile wallets and 7.5 billion bank accounts worldwide, giving recipients the flexibility to receive funds in their preferred currency.
This initiative is in line with the G20 objectives of improving speed, transparency, access and reducing costs in cross-border transactions.
Ambar Sur, co-founder and CEO of TerraPay, said:
“By combining Swift’s industry-leading capabilities with TerraPay’s advanced digital infrastructure, we are enabling financial institutions to meet changing customer needs with unprecedented speed and transparency.
We estimate we will reach 600 million unbanked consumers.”
Thierry Chilosi, Chief Business Officer of Swift, said:
“It’s always exciting to see financial services providers like TerraPay use Swift to innovate their offerings and deliver a better customer experience.
“It highlights the broad utility of the highly secure and globally inclusive Swift network and demonstrates how we are equipping our community to meet rapidly growing expectations for choice and simplicity in cross-border transactions.”
Featured image credit: edited by Free image