Trust Bank partners with TerraPay to launch international payment solution

Through this initiative, Trust Bank and TerraPay intend to deliver an alternative to the traditional payment system, optimising how Bangladeshi students pay tuition fees and manage living expenses while studying abroad. Utilising TerraPay’s global payment infrastructure enables the payment solution to provide a secure, digital, and augmented process for international transactions, addressing the scaling demand for more efficient cross-border payments.

The partnership with Trust Bank follows TerraPay’s collaboration with Dubai Duty Free (DFF), an airport retailer, to optimise customers' shopping experience with instant digital wallet payments. The alliance enabled DFF to gain access to TerraPay’s global network and its cross-border payments infrastructure to accept users’ preferred payment methods. Additionally, integrating digital wallets into its payment ecosystem supported DFF in helping customers conveniently, delivering an alternative to existing payment methods.

Serving the needs of Bangladeshi students

Considering that Bangladesh has regulatory frameworks favouring student-related payments, the partnership between Trust Bank and TerraPay focuses on offering students and their families a faster, simplified solution to pay tuition fees and manage living expenses abroad without facing delays associated with traditional processes. At the same time, through TerraPay’s support, Trust Bank aims to ensure accelerated processing times, real-time transaction tracking, competitive exchange rates, and transparency. The platform enables users to send tuition fees and living expenses to educational institutions and student bank accounts in several destinations, including the US, the UK, Canada, Australia, Germany, Japan, and South Korea.

Furthermore, the move comes as one of the first times Bangladesh Bank approved a partnership between a local bank and a licenced Payment Service Provider (PSP) for processing student-related payments. Teaming up with TerraPay also assists Trust Bank’s commitment to facilitating customer-centric services that cater to the needs, demands, and preferences of Bangladeshi families. In addition, Trust Bank and TerraPay plan to centre their efforts on developing a more connected, efficient, and transparent financial future for Bangladeshi students and their families.