Payments infrastructure company TerraPay has announced that financial institutions can now send money directly to over 2.1 billion mobile wallets worldwide using their existing Swift connectivity.
This development aims to enhance the cross-border payments experience for businesses and consumers.
Payments initiated over Swift will reach TerraPay’s system efficiently and transparently from account to wallet, utilising 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 globally, offering recipients the flexibility to receive funds in their preferred currency.
This move aligns with the G20’s goals of improving speed, transparency, access, and reducing costs in cross-border transactions.
Ambar Sur, Co-Founder and CEO at TerraPay, said,
“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.
We estimate that we are reaching 600m unbanked consumers.”
Thierry Chilosi, Chief Business Officer at Swift, said,
“It’s always exciting to see financial service providers like TerraPay utilise 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.”
Featured image credit: Edited from Freepik
