This partnership represents TerraPay's inaugural direct alliance in Central America and signifies a notable progression within the cross-border remittance sector, aiming to offer seamless and innovative solutions for Guatemalans living abroad to securely remit funds to their families back home.
Through this venture, Banco G&T Continental gains access to TerraPay's platform and expansive network, facilitating straightforward cross-border transfers. In the company press release provided by TerraPay, officials from Banco G&T Continental, expressed enthusiasm about the collaboration, highlighting its potential to streamline cross-border transfers for Guatemalan expatriates.
The partnership allows Banco G&T Continental to leverage TerraPay's extensive network to enhance remittance flows in Guatemala and broaden accessibility to financial services. Furthermore, it extends Banco G&T Continental's market reach, enabling the institution to serve a larger customer base and fortify its market presence.
Backed by TerraPay's advanced technology and Banco G&T Continental's reputation for reliability, this partnership aims to reshape the cross-border remittance landscape in Guatemala. By offering a seamless and secure solution for cross-border money transfers, both entities are committed to promoting financial inclusion and empowering Guatemalans with enhanced access to financial services.
Representatives from TerraPay, expressed excitement about the collaboration, emphasising their shared objective to enhance the remittance experience for Guatemalans worldwide and contribute to the economic development of Guatemala. They also talked about the significance of this being TerraPay's first direct partnership in the Central America region, underscoring their global network aspirations.
In February 2024, TerraPay turned its attention to Uganda by partnering with Diamond Trust Bank to expand international money transfers and strengthen financial inclusion in the East African country. According to the official press release that was shared at the time, both firms aimed to deliver benefits to customers worldwide. The key attributes of the partnership included the ability to facilitate direct account deposits from any part of the world and leverage DTB’s brand name to optimise advantages for customers across the globe.
In November 2023, TerraPay announced its partnership with Maya to provide secure and fast cross-border payment for Filipino clients around the world. Following this announcement, the companies aimed to make international remittances more accessible, secure, and convenient for Filipino customers across the globe. Clients of the Maya application benefitted from convenient seamless money transfers from Korea, Singapore, the USA, and the Middle East through TerraPay’s global network.
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