Payments sent by financial institutions through Swift will integrate into TerraPay's system, ensuring quick and transparent transactions from accounts to wallets. This is made possible by Swift's tracking capabilities that offer end-to-end visibility. Swift links over 11,500 financial institutions across 200+ countries.
TerraPay's vast network enables payments to over 2.1 billion mobile wallets and 7.5 billion bank accounts worldwide, allowing recipients to receive funds in their chosen currency. This extensive reach promotes global financial inclusion and accessibility. It also signifies a step forward in achieving the G20's objectives for improved speed, transparency, accessibility, and cost-efficiency in cross-border transactions.
The Swift network does not directly transfer funds or function as a banking system; instead, it serves as a secure channel for transmitting payment orders between banks using Swift codes. Swift payments provide a fast, accurate, and secure way to send money internationally.
In essence, Swift functions as a messaging network that facilitates communication and the exchange of crucial information regarding financial transactions among banks, credit unions, and other financial entities.
TerraPay streamlines global money transfers by offering a unified gateway to an extensive cross-border payment network, which is regulated in 30 global markets. It expands the horizons for a wide range of global enterprises, including banks, fintechs, money-transfer operators, travel businesses, creator economy platforms, and ecommerce marketplaces. This initiative aims to promote financial inclusion in the most remote markets.
TerraPay creates a connected and seamless financial ecosystem across borders making transferring money worldwide instant, secure, transparent, and fully compliant.
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