Digital payment provider TerraPay will now offer real-time bank payments in the USA and Canada to facilitate better cross border remittances.
Through TerraPay’s partner networks, users in the USA and Canada who currently have traditional access to bank transfers will now be able to send and receive remittances directly into their bank accounts more efficiently and at better rates, therefore, cutting time and extra costs.
In a bid to bridge the gap in the global cross-border payment industry, TerraPay connects financial institutions such as banks and mobile wallets across the world and help users make immediate payments.
With this new expansion, TerraPay’a global footprint spans 70 countries. TerraPay’s global network currently boasts of over four billion partner banks and more than 500 million mobile wallets.
Given how the USA and Canada are homes to millions of students and migrant workers from across the world, the online payment ecosystem has been gaining much traction, the firm said.
Highlighting the importance of seamless and real-time payments globally and the rise of cashless economies, co-founder and chief business officer of TerraPay Ani Sane said, “By facilitating same-day international money transfers and cross border remittances, we will offer an edge to our partners’ customers. The USA and Canada are one of the biggest cashless economies globally, which gives us the right opportunity to scale up our operations going forward.”
Commenting on the foray into the new geographies, TerraPay’s regional director, Philip Daniel said, “Presently, there are more than five million students studying and working away from their country of origin… contributing a cumulative $300 bn to the economy.
“For students, these billion-dollar spends cater to application fees, tuition fee remittances, spends on debit cards off and on campus, living payments. Therefore, it can be easily ascertained how big the market potential for seamless cross border digital remittance transactions is.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
