TerraPay, a mobile-first international payment network, today announced that it has been working with the GSMA to ensure TerraPay compatibility with the recently rolled out standardized mobile money APIs.
TerraPay will provide support by providing a staging environment for the new GSMA Mobile Money API Developer portal that will enable the wider technical community to learn how to use its APIs.
The GSMA Mobile Money Programme has led a consultative design process together with its partners and industry stakeholders, culminating in a published a set of standardized mobile money APIs that combine best practices in the technology industry. These APIs cater for a core set of mobile money use cases including interoperability between mobile money and banks, or among mobile money providers and merchant payments, including: fulfilment status of transactions; bill payments; basic account management; international transfers, including request for quotation; and bulk transactions, amongst other important industry-based requirements and use cases.
Ambar Sur, Founder and CEO of TerraPay said, "We help to provide a standardized, off-the-shelf operating environment for all mobile wallet service providers wishing to offer affordable, secure and reliable transnational payment products faster to their consumers. This is important because the mobile wave for international remittance growth is just beginning. An increasing number of mobile wallet providers are now ready to open networks and make low-value international payments an integral part of their businesses."
TerraPay has supported the industry-led initiative, by providing a staging environment to the GSMA Mobile Money API Developer portal, where the wider mobile money industry and associated technical verticals can test and learn to develop against these standardized APIs in an interactive environment. It is also recognised as having submitted a compatibility measurement publication of its available services with the GSMA.
Adoption of the harmonized APIs will bring consistency and encourage quicker partner on-boarding across diverse industry players. It will facilitate seamless integration between the different mobile money industry platforms and reduce bottlenecks that delay partners from leveraging the wider mobile money ecosystem.