TerraPay and Paramount partner for real-time payouts

The solution will be implemented via Interac e-Transfer for Business, improving international remittance capabilities and offering faster, cost-effective, and transparent transactions for TerraPay’s clients.

Better real-time payouts in Canada

By collaborating with the Canadian pay-by-bank provider, TerraPay’s network of money transfer operations can facilitate improved real-time payments to recipients in Canada. The payments landscape in the region is rapidly developing, driven by API-driven innovation that optimises interoperability and embeds international payments into financial services.

Paramount’s payout service benefits from a 24/7 real-time payment infrastructure, offering users the ability to receive funds instantly and eliminating the delays associated with traditional batch payments.

TerraPay believes that Canada’s fintech and digital banking sectors are growing rapidly, creating opportunities for new payment solutions and collaborations. Its partnership with Paramount Commerce allows it to offer an improved solution for money movement operators and their clients by leveraging Paramount’s real-time payout capabilities and offering speed, cost-efficiency, and transparency.

This initiative comes as TerraPay partners with Whalet to improve global payouts for SMEs. Through this collaboration, Whalet’s core customers, which include cross-border sellers from the Asia-Pacific region, are set to be able to benefit from optimised international financial transactions and increased payment efficiency. As part of the alliance, Whalet will utilise TerraPay’s technology to scale its payout capabilities, providing businesses with secure and compliant payment corridors across multiple regions. Additionally, the integration is set to simplify transactions, minimise settlement complexities, and increase operational efficiency for small and medium-sized enterprises (SMEs).

Paramount Commerce notes that this new collaboration reflects its commitment to driving development in cross-border remittance payments, enabling a more transparent payment experience for its customers seeking to send and receive funds in Canada.