Bank Alfalah and TerraPay partner to launch remittance services in Pakistan

By Edil Corneille

Amsterdam-based TerraPay, a global payments infrastructure company, and Bank Alfalah have announced a partnership for offering remittance payment services in Pakistan. Citizens of Pakistan will be able to use partner networks of TerraPay for the instant deposit of money to any bank account in the country.

Bilal Asghar, Bank Alfalah’s Group Head for Corporate, Investment Banking & International Business Group, stated, “It gives us immense pleasure to partner with TerraPay, another institution co-sponsored by IFC, to enhance our global coverage and make international remittances more convenient for [all] bank account holders and unbanked customers in Pakistan.”

The Pakistani bank is reinforcing its commitment to facilitate cross-border remittances through its overseas partners comprising of FinTechs, money transfer operators, and money service businesses among others. This is in line with the bank’s strategy to enable smarter and faster ways of sending home remittances to Pakistan.

“We are committed to our vision of enhancing financial inclusion by connecting diverse payment systems. Pakistan is one of the most important remittance corridors in the world and we are very excited to partner with Bank Alfalah and help overseas Pakistani diaspora send money back home through our real time, secure and reliable payment infrastructure,” said Ambar Sur, Founder and CEO of TerraPay.

TerraPay is a global partner to banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage an agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay is regulated in over 45 countries.