Banks and fintechs team up in major move for faster global payments
A major banking partnership is set to make moving money across borders smoother, faster and more reliable.
TerraPay, a global money movement company, has announced a new collaboration with Deutsche Bank that will give it access to the banking giant’s correspondent banking network, technology and payment capabilities.
The move is expected to strengthen TerraPay’s infrastructure and help improve the way international payments are settled, particularly USD transactions.
What does the deal mean?
Through the collaboration, TerraPay will gain access to Deutsche Bank’s correspondent banking network, payment capabilities and foreign exchange services.
The partnership is designed to boost the efficiency, speed and reliability of cross-border payments, while expanding TerraPay’s ability to serve customers across international markets.
It also highlights the growing role of partnerships between established banks and fintech companies as the global payments industry looks for quicker and more seamless ways to move money around the world.
Ambar Sur, Founder & CEO, TerraPay, said: "The future of cross-border payments will be built through collaboration between global financial institutions and purpose-built fintech infrastructure.
“Our relationship with Deutsche Bank brings together the strength of one of the world's leading banks with TerraPay's global payment network, creating new opportunities to improve settlement efficiency, expand market reach and deliver superior payment experiences for customers around the world."
Majed Julfar, Chief Country Officer for the UAE at Deutsche Bank, said the partnership would help support TerraPay’s growing international payments infrastructure.
"We are pleased to support TerraPay as it continues to enhance its global cross-border payments infrastructure.
“By combining Deutsche Bank's correspondent banking, payments and foreign exchange capabilities with TerraPay's network, this partnership will help facilitate more efficient and reliable payment flows.
“It reflects our commitment to supporting Fintech clients in the Middle East region across the evolving payments landscape and connecting businesses and communities through our global network."
The two companies said the collaboration could also pave the way for further opportunities as they look at new ways to improve global payment connectivity and respond to the changing needs of customers around the world.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services, as well as focused investment banking, to private individuals, small and medium-sized companies, corporations, governments and institutional investors.
Deutsche Bank is the leading bank in Germany, with strong European roots and a global network.
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062.
Principal place of business in the DIFC: Dubai International Financial Centre, ICD Brookfield Place, Floor 35, PO Box 504902, Dubai, United Arab Emirates.
Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority ("DFSA") and is authorised to provide Financial Services to Professional Clients only, as defined by the DFSA.
About TerraPay
TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks, regulated across multiple markets.
Its network enables payments to receiving and sending countries worldwide, reaching a vast network of mobile wallets, bank accounts and cards.
The company says it makes money transfers instant, reliable, transparent and fully compliant for its partners, connecting them 7.5Bn+ bank accounts, in 156+ countries.
TerraPay works behind the scenes as a trusted partner for some of the world's most innovative financial players, from banks and digital wallets to MTOs, corporates and fintech platforms.
On a mission to create a borderless financial world, TerraPay operates Xend – the first of its kind payments interoperability network, enabling secure, real-time cross-border payments, to and from 3.7B wallets through a single, unified connection.
TerraPay is headquartered in London, with offices in cities including Dubai, Milan, Miami, Singapore, Bogota, Johannesburg, Kampala and Bangalore.