National Bank of Bahrain (NBB), a commercial and retail bank in the country, has partnered with digital money movement company TerraPay to expand its international payout capabilities.
The agreement combines NBB’s banking infrastructure and regional operations with TerraPay’s global payout network. Under the collaboration, NBB will use TerraPay’s digital infrastructure to support cross-border payouts and access “a broader range of payment destinations”.
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TerraPay said the integration will allow NBB to use Swift ISO 20022 messaging to send cross-border transactions through its network. The company added that this model is designed to provide transaction transparency and avoid deductions from the principal amount.
TerraPay’s Swift connectivity allows banks to use existing Swift infrastructure and Relationship Management Application (RMA) key exchange processes to access its network, which spans bank accounts, digital wallets, and local payment systems in multiple markets.
NBB Transaction Banking group head Vineet Munot said: “This collaboration is a strategic step forward in scaling our payments proposition through infrastructure that can improve the cross-border transaction experience.
“Through TerraPay, we see an opportunity to connect our customers in Bahrain and the region with a wider range of payment destinations, supporting their growth as their requirements become more global.”
TerraPay co-founder and chief business officer Ani Sane said: “Banks want to extend their international payment reach without having to build and maintain separate connections into every market, wallet and local payment system. That is exactly the problem TerraPay solves.
“By combining TerraPay’s global payout network with Swift connectivity, NBB can use its existing banking infrastructure to access more than 12 billion bank accounts, digital wallets and local payment systems through a single global network.
“This partnership gives NBB a faster and more scalable way to expand into new corridors, broaden customer choice and improve the cross-border payment experience, while allowing the bank to retain control of the customer relationship and its core banking infrastructure.”
TerraPay provides payment connectivity for banks, digital wallets, money transfer operators, corporates, and fintech platforms. The company reports that its network connects more than 7.5 billion bank accounts across more than 156 countries.
Earlier this year, Vietnam’s HDBank partnered with TerraPay for real-time outbound international payments from the country.
