TerraPay has partnered with Deutsche Bank to strengthen its cross-border payments infrastructure, gaining access to the bank’s correspondent banking network, payments capabilities and foreign exchange services.
The collaboration is expected to improve settlement efficiency and expand TerraPay’s reach as demand for faster and more reliable international payment infrastructure continues to grow. TerraPay connects more than 7.5 billion bank accounts across more than 156 countries, providing payment infrastructure to banks, digital wallets, money transfer operators, corporates and FinTech platforms.
Through the partnership, TerraPay will use Deutsche Bank’s correspondent banking network and payments technology to strengthen its settlement capabilities and support cross-border transactions across its global customer base.
The collaboration will also bring Deutsche Bank’s foreign exchange capabilities into TerraPay’s operations, with a focus on improving the speed and reliability of USD settlement. TerraPay operates Xend, its payments interoperability network, which enables cross-border transfers to and from more than 3.7bn wallets through a single connection.
Ambar Sur, founder and chief executive officer at TerraPay, said, “The future of cross-border payments will be built through collaboration between global financial institutions and purpose-built fintech infrastructure.”
“Our relationship with Deutsche Bank brings together the strength of one of the world’s leading banks with TerraPay’s global payment network, creating new opportunities to improve settlement efficiency, expand market reach and deliver superior payment experiences for customers around the world,” Sur added.
For Deutsche Bank, the partnership strengthens its support for FinTech firms operating across the evolving payments landscape, particularly in the Middle East.
The bank provides corporate and transaction banking, investment banking, asset and wealth management, and private and retail banking services. Its Dubai branch is based in the Dubai International Financial Centre and is regulated by the Dubai Financial Services Authority.
Majed Julfar, chief country officer for the UAE at Deutsche Bank, also commented, “We are pleased to support TerraPay as it continues to enhance its global cross-border payments infrastructure.”
“By combining Deutsche Bank’s correspondent banking, payments and foreign exchange capabilities with TerraPay’s network, this partnership will help facilitate more efficient and reliable payment flows,” Julfar added.
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