Payments
TerraPay enables bank mobile payments with Swift
July 30, 2024
TerraPay, a money transfer company, announced that banks can send money to more than 2.1 billion mobile wallets through its integration with Swift. Transactions initiated on Swift will connect to TerraPay's network of 7.5 billion bank accounts, according to a press release.
This is part of Terrapay's overall goal to boost financial inclusivity globally and meeting G20 goals of lowering costs and increasing speed in cross-border transactions.
"This development represents a strategic leap forward in our mission to revolutionize 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," Ambar Sur, co-founder and CEO at TerraPay, said in the release.
"It's always exciting to see financial service providers like TerraPay utilize 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," Thierry Chilosi, chief business officer, Swift, said in the release.
