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TerraPay and SWIFT partner on global account-to-wallet payments

By Gloria Methri

July 23, 2024

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TerraPay, SWIFTTerraPay has partnered with SWIFT to enable financial institutions to send money directly to over 2.1 billion mobile wallets worldwide.

This collaboration leverages TerraPay’s global payments network and SWIFT’s financial messaging services to provide a secure way for financial institutions to send funds directly from bank accounts to mobile wallets across various regions.

This move aims to enhance financial inclusion by providing a more accessible cross-border payment solution in regions where mobile wallet usage is prevalent.

Ambar Sur, Co-Founder and CEO at TerraPay said, “This development represents a strategic leap forward in our mission to revolutionise the cross-border payments landscape. 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.”

“This not only underscores our commitment to innovation, but also aligns seamlessly with our vision of fostering a borderless financial ecosystem where moving money everywhere is instant, reliable and compliant, especially to underserved consumers. We estimate that we are reaching 600m unbanked consumers.”

TerraPay’s extensive network facilitates payments to more than 2.1 billion mobile wallets and 7.5 billion bank accounts globally. Swift connects more than 11,500 financial institutions in over 200+ countries. Payments initiated by financial institutions over Swift will reach TerraPay’s system with speed and efficiency and with end-to-end transparency from account to wallet.

Thierry Chilosi, Swift’s Chief Business Officer, said, “It’s always exciting to see financial service providers like TerraPay use Swift to innovate their offering and deliver an enhanced customer experience. This 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.”

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