TerraPay partners with Deutsche Bank on global payments

By Milan Rojan

TerraPay has partnered with Deutsche Bank to expand global payment connectivity by accessing the bank’s correspondent banking network, payments capabilities and foreign exchange services.

Ambar Sur, Founder and CEO of TerraPay, said: “Our relationship with Deutsche Bank brings together the strength of one of the world’s leading banks with TerraPay’s global payment network,” adding that the collaboration has created opportunities to improve settlement efficiency and expand market reach.

The collaboration has strengthened TerraPay’s settlement infrastructure and supported its cross-border payments network, with a focus on improving the efficiency, speed and reliability of international money movement.

Through the partnership, TerraPay has gained access to Deutsche Bank’s correspondent banking network and payment capabilities, alongside foreign exchange services. The companies have said the arrangement has enhanced TerraPay’s ability to facilitate cross-border transactions and support USD settlement across its global network.

Majed Julfar, Chief Country Officer for the UAE at Deutsche Bank, has said the partnership has combined the bank’s correspondent banking, payments and foreign exchange capabilities with TerraPay’s network to support more efficient payment flows.

The collaboration has also reflected growing cooperation between traditional financial institutions and FinTech infrastructure providers as financial firms have sought to improve cross-border payment services.

Deutsche Bank has said the partnership has supported its engagement with FinTech clients in the Middle East and has connected businesses and communities through its global banking network.

TerraPay and Deutsche Bank have also planned to explore further opportunities to improve payment connectivity and respond to changing customer requirements.

The partnership has highlighted the continued role of correspondent banking and FinTech payment infrastructure in supporting international transactions as demand for faster and more reliable cross-border payments has increased.