Payment infrastructure companies TerraPay Financial institutions announced that they can now use their existing mobile wallets to send money directly to more than 2.1 billion mobile wallets around the world. Quick Connectivity.
The development is aimed at improving the cross-border payments experience for businesses and consumers.
Payments initiated via Swift reach TerraPay’s systems efficiently and transparently, from account to wallet, leveraging Swift’s transaction tracking capabilities.
Swift connects more than 11,500 financial institutions in over 200 countries.
TerraPay’s 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.
The move is in line with the G20’s goals of increasing speed, transparency, access and reducing costs in cross-border trade.
Amber Sur, co-founder and CEO of TerraPay, said:
“Combining Swift’s industry-leading capabilities with TerraPay’s advanced digital infrastructure will enable financial institutions to respond to evolving customer needs with unprecedented speed and transparency.”
We estimate that we reach 600 million unbanked consumers.”
Thierry Tirosi, Chief Business Officer at Swift, said:
“It’s always exciting to see financial services providers like TerraPay leverage Swift to innovate their services and deliver enhanced customer experiences.
“This underscores the broad utility of Swift’s highly secure, globally inclusive network and demonstrates how we are equipping our community to meet rapidly growing expectations for choice and simplicity in cross-border commerce.”
Featured Image Credit: Free Pick
