TerraPay, the world’s first mobile payments switch for international remittance service incubated by Comviva has partnered with Pan Asia Bank which enables TerraPay’s network partners to make instant cross-border money transfer to all bank accounts in Sri Lanka.
This means, Sri Lankan migrants worldwide through TerraPay’s partner outlets/website/mobile-app can send money to their family and friends back home, instantly by transferring it to their bank account. The service is available 24X7 and even on holidays.
TerraPay is a real-time, low value payments network, which connects all financial instruments globally. The company enables interoperability of mobile wallets in international, regional and domestic markets. TerraPay’s interoperability engine enables customers to send and receive real-time transactions across diverse payment instruments, platforms and regions.
Aniruddha Sane, Chief Business Officer of TerraPay commented, “We are delighted to partner with Pan Asia Bank, a leading bank in Sri Lanka, for instant money transfers to over 10 Million bank accounts. Globally, TerraPay enables more than 1.5 Billion bank accounts and 200+ Million mobile money wallets in over 50 countries to receive real time cross-border money transfers. Our target is to double these figures by 2020 and Asia will be at the forefront of this growth.”
Gerald Wanigarathne, DGM- Information Technology of Pan Asia Bank said, “We are elated to partner with TerraPay as a part of our expansion strategy in the remittance business & to offer our customers a convenient and fast remittances service through our banking network. Without a doubt this will further strengthen Pan Asia Bank’s ability to provide a broader range of banking services to our existing and potential customers.”