TerraPay Boosts Cross-Border Payments with Swift Partnership

TerraPay, a global money movement company, has announced that financial institutions can now use Swift connectivity to send money directly to over 2.1 billion mobile wallets worldwide, enhancing cross-border payment experiences. This development aims to promote financial inclusion and reach underserved consumers.

TerraPay, a global money movement company, announced today that financial institutions can now send money directly to over 2.1 billion mobile wallets around the globe using their existing Swift connectivity. This enhancement aims to improve the cross-border payments experience for both businesses and consumers.

Payments initiated by financial institutions via Swift will now reach TerraPay's system with greater speed and efficiency, benefiting from end-to-end transparency thanks to Swift's transaction tracking capabilities. Swift currently connects more than 11,500 financial institutions across over 200 countries.

Through its extensive network, TerraPay enables payments to more than 2.1 billion mobile wallets and 7.5 billion bank accounts worldwide. This broad reach underscores TerraPay's commitment to fostering financial inclusion and accessibility on a global scale, aligning with the G20's goals for enhanced speed, transparency, access, and lower costs in cross-border transactions.

Ambar Sur, Co-Founder and CEO at TerraPay, stated, "This development represents a strategic leap forward in our mission to revolutionize the cross-border payments landscape. By combining 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."

Thierry Chilosi, Chief Business Officer at Swift, remarked, "It's always exciting to see financial service providers like TerraPay utilize Swift to innovate their offerings and deliver an enhanced customer experience. This demonstrates the broad utility of Swift's highly secure, globally inclusive network."

Founded in 2014, TerraPay is headquartered in London and operates globally, driving financial inclusion even in the most inaccessible markets. The company has received funding from notable investors such as the IFC (World Bank), Prime Ventures, Partech Africa, and Visa.

(With inputs from agencies.)