Through the US license, TerraPay aims to expand its partnership network in the US and LATAM region to facilitate low-cost, instant transactions in 96 countries. This MSB license is a step toward TerraPay’s goal of becoming a player in the global cross-border payment ecosystem.
With US license, TerraPay now has 25 regulatory approvals and local licenses, connecting customers to their global partner networks, 4.5+ billion bank accounts, 1.5+ billion mobile wallets, across 192 countries and 49 settlement currencies.
According to the data published by the World Bank, the US is the most significant source of country for remittances globally, followed by the UAE, Saudi Arabia, and Switzerland. The report also revealed that the cost of sending money across international borders remained high, around 6.4% on average in the first quarter of 2021. Sending remittances to Sub-Saharan Africa is particularly high (8%).
Company officials stated that the MSB license is strategic to their commitment to drive global financial inclusion. TerraPay works to be a law-compliance entity to different countries and regions around the world. The US license is the cornerstone of long-term development, and it is based on a deep understanding of the industry. They will continue to work towards ensuring global access to all participants and innovation in the payments ecosystem.
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