Both companies will work together to drive real-time digital remittances, interoperability, financial inclusion and drive adoption of cashless payments.
Amsterdam and Colombo – 20th February 2018 – TerraPay 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.
Ani 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.”
TerraPay is the world’s first mobile payments switch- a B2B transaction processing, clearing and settlement service for mobile wallets. TerraPay’s best-in-class technology serves as the interoperability engine that enables its partners’ customers to send and receive real-time transactions across diverse payment instruments, platforms and regions. TerraPay believes in the power of the mobile to transform financial inclusion, and is building the digital payment rails to fulfil its vision of being able to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions, itself part of the USD 18 billion Mahindra Group.TerraPay is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).
About Pan Asia Bank
Marking 24 years of financial strength and recognised as the ‘Fastest Growing Commercial Bank in Sri Lanka’ by Global Banking & Finance Review, Pan Asia Bank, known for its innovative banking products and services is designed based on understanding true needs of people. As a Public Limited Liability Company Pan Asia Bank is incorporated in Sri Lanka on the 6th of March 1995 under the Companies Act No.17 of 1982 and re-registered under the Companies Act No.07 of 2007. It is a licensed commercial Bank under the Banking Act No.30 of 1988 and is listed on the Colombo Stock Exchange.