TerraPay, a global payments infrastructure company, today announced its partnership with the Bank of Punjab to strengthen its network for inward remittances into Pakistan.
Individuals in Pakistan who are not able to access the traditional cross border remittances channels like cash and have limited digital payments access, will now be able to receive remittances directly into their bank accounts.
Currently, Pakistan receives 2.5 Bn US Dollars as inbound money transfers per month. Partnership with Bank of Punjab will facilitate TerraPay in reaching out to more and more people in Pakistan, paving the way for financial empowerment, independence and inclusivity. Through this partnership, Pakistanis residing overseas will be able to use TerraPay’s robust partners’ network to instantly transfer money to BOP’s wide entrenched customers’ bank accounts in Pakistan.
Announcing the partnership, Zahid Mustafa, Group Chief Consumer & Digital Banking Group, The Bank of Punjab stated, “We are delighted to partner with TerraPay, a leading Global Payments Infrastructure Company. This strategic partnership will enable TerraPay’s network partners to use BOP’s domestic switching capability and customer base and deliver real-time inbound remittances to all bank account and mobile wallet customers in Pakistan. TerraPay’s interoperability engine and 77 countries' reach of global partners network will enable individuals residing overseas to send payments on a scalable, secure, transparent, and efficient platform, and that too, in real time. This partnership will help leverage our bank network and facilitate in strengthening and expanding our present customer base.”
“As we expand our reach across key markets, in bridging the world with seamless access to financial money transfers and remittances, our partnership with The Bank of Punjab, fortifies this very vision. Pakistan is one of the most important remittance corridors in the world, and with this collaboration, we further strengthen our payout network in Pakistan. Greater network will help overseas Pakistani diaspora send money back home efficiently through our real time, secure and reliable payment infrastructure”, said Mr Ani Sane, Co-founder and Chief Business Development Officer, TerraPay.
Rizwan Qazi, Vice President – Payments Partnerships, TerraPay on this partnership stated that, “TerraPay is a leading global payments infrastructure company, aimed at building an inclusive global financial ecosystem through its digital payments highway. Through transparency and real time credits led by industry benchmark compliances, we will be able to strengthen inbound money transfers into Pakistan, with our newly formed partnership with Bank of Punjab.”
TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments while adhering to complex regulations and compliance standards in different markets.
For more information, please visit terrapay.com.
About The Bank of Punjab
The Bank of Punjab is a Pakistani bank, based in Lahore, Pakistan. It serves Pakistan and functions as an international bank and is one of the prominent financial institutions of the country holding AA ratings from PACRA.
For more information, please visit www.bop.com.pk.