TerraPay and SendMN partner to boost cross-border payments for Mongolian diaspora
By Leandra Monteiro
TerraPay, a global payments infrastructure company has partnered with SendMN NBFI, a money transmitter and non-bank financial institution to simplify the complexities and ease the challenges associated with borderless payments.
The costs of sending cross-border payments are high, slow and not secure. This partnership is a step towards achieving the vision of both firms i.e. to transform the way Mongolians receive and send real-time payments by empowering the customers with financial independence and inclusion. Customers will be able to receive remittances from key corridors like the UK, US, Austria, Belgium, Czech Republic, France, Germany, Kazakhstan Poland, Sweden, Switzerland and also allow access to key send corridors like Australia, Canada, China, Denmark, Japan and USA to name a few.
In 2021, Mongolia received a personal remittance of 563.75 million US dollars. Bank SWIFT transactions received $1.66 billion and sent $2.34 billion. Mongolia’s remittances are projected to trend around $17 Million in 2023 and through this collaboration, both TerraPay and SendMN aim to route every transaction to Mongolia from Australia, the United States, and European Union nations through SendMN to the customers’ accounts. They will facilitate P2P, P2B, B2P, and B2B transactions that will enable diaspora residents from all over the world to transact low-cost, real-time transactions to beneficiaries in Mongolia using TerraPay’s interoperability engine to send global payouts on a scalable, secure, transparent, and efficient platform.
Sharing more insights on the highlights of the partnership, Sheshagiri (Sukesh) Malliah, Regional Director – APAC, TerraPay, said, “We are thrilled to onboard SendMN as a trusted partner in Mongolia. It is a key market with huge potential and this association will allow TerraPay to deploy its superlative technical solutions globally and cultivate an affinity amongst Mongolian residents worldwide by empowering them with fast and affordable borderless payment options. Furthermore, this association will allow us to showcase our technological prowess, and innovative platform technology to our Mongolian customers by providing them with efficient, scalable, and affordable means to send and receive real-time payments to their loved ones. Through transparency and real-time credits led by industry benchmark compliances, we believe we will strengthen the remittances ecosystem of Mongolia over time, furthering our mission of creating cashless economies.”
“It is a privilege for “SendMN” to collaborate with TerraPay, the world’s leading global payments infrastructure company. Our collaboration will help us achieve customers’ loyalty by providing economical, reliable transactions at the speed of light. This will further spur the inflow and outflow of remittances and promote socio-economic development in the fast-growing economy of Mongolia and encourage more users to adopt digital payments by digitally connecting major remittance corridors via a convenient and affordable route. We look forward to a successful collaboration,” commented Turbold Batbold, CEO, SendMN.
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