Payments infrastructure company TerraPay has teamed up with Bank Alfalah to launch home remittance services to Pakistan.
Through the alliance, Pakistani migrants can make fund transfers to all bank accounts at home. They will use TerraPay’s partner outlets as well as the mobile app or website.
Users can access the service round-the-clock.
Commenting on the partnership, Bank Alfalah’s group head for corporate, investment banking & international business group Bilal Asghar stated: “It gives us immense pleasure to partner with TerraPay, another institution co-sponsored by IFC, to enhance our global coverage and make international remittances more convenient for [all] bank account holders and unbanked customers in Pakistan.
TerraPay founder and CEO Ambar Sur said: “We are committed to our vision of enhancing financial inclusion by connecting diverse payment systems.
“Pakistan is one of the most important remittance corridors in the world and we are very excited to partner with Bank Alfalah and help overseas Pakistani diaspora send money back home through our real time, secure and reliable payment infrastructure.”
TerraPay, which is a B2B company, collaborates with other businesses and helps them leverage its technology platform to improve their customer proposition for remittances, payments, and cross border spends.
The company is regulated in more than 45 countries across the world.
In March this year, mobility solutions provider Comviva divested its entire stake in TerraPay to a consortium of global investors.
Recent partnerships of TerraPay
In February last year, TerraPay has tied up with Sri Lanka’s Pan Asia Bank to enable its network partners make instant remittances to all bank accounts in the country.
In December 2018, TerraPay collaborated with Western Union to enable remittances to mobile wallets and bank accounts in Europe, Asia, Africa and Latin America.
Earlier in 2018, GIMAC, the electronic money transfer platform of Central Africa, and TerraPay joined forces to support cross-border money transfers to the CEMAC zone.
The region includes Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad.