TerraPay, a prominent FinTech company, has announced a new capability for financial institutions to directly send money to over 2.1 billion mobile wallets globally via their existing Swift network.
This integration aims to improve the efficiency and transparency of cross-border payments, benefiting both businesses and consumers. Swift, an established player in the financial sector, connects over 11,500 financial institutions across more than 200 countries, offering robust transaction tracking capabilities.
The collaboration between TerraPay and Swift is designed to leverage Swift’s comprehensive network and TerraPay’s innovative payment infrastructure to enhance the cross-border payment experience. This strategic partnership addresses the growing demand for faster and more transparent international transactions, aligning with the G20’s goals to improve speed, transparency, access, and cost-effectiveness in global financial exchanges.
TerraPay simplifies global money movement by providing a single connection to an extensive cross-border payment network. Regulated in 30 global markets, TerraPay’s network includes payments to 144 receive countries and 210+ send countries, covering over 7.5 billion bank accounts and 2.1 billion mobile wallets. Founded in 2014 and headquartered in London, TerraPay has expanded its global presence with offices worldwide, supported by investments from entities like the IFC, Prime Ventures, Partech Africa, and Visa.
Swift, on the other hand, operates a highly secure network that has been the backbone of global financial communication for decades. Its infrastructure supports vast numbers of financial transactions daily, facilitating international trade and finance with reliability and compliance.
This initiative not only underscores TerraPay’s commitment to fostering financial inclusion but also marks significant progress towards creating a borderless financial ecosystem where transactions are instantaneous, reliable, and compliant. Specifically, the partnership aims to reach approximately 600 million unbanked consumers, integrating them into the global financial system.
TerraPay Co-Founder and CEO Ambar Sur commented, “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.”
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