TerraPay, a global money movement company, today announces that financial institutions can send money directly to more than 2.1 billion mobile wallets around the world using their existing Swift connectivity, enhancing the cross-border payments experience for businesses and consumers.
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, powered by Swift's transaction tracking capabilities. Swift connects more than 11,500 financial institutions in over 200+ countries.
TerraPay's extensive network facilitates payments to more than 2.1 billion mobile wallets and 7.5 billion bank accounts globally, giving recipients the flexibility to receive funds in their preferred currency. This expansive reach underscores TerraPay's steadfast commitment to fostering financial inclusion and accessibility on a global scale. It also marks further progress towards the G20's goals for enhanced speed, greater transparency, greater access and lower costs in cross-border transactions.
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."
Thierry Chilosi, Chief Business Officer at Swift, said: "It's always exciting to see financial service providers like TerraPay utilise Swift to innovate their offering and deliver an enhanced customer experience. It 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."