TerraPay takes cross-border payments to Sri Lanka
Pan Asia Bank has partnered with TerraPay to use the latter’s network partners to make instant cross-border money transfer to all bank accounts in Sri Lanka.
TerraPay is a mobile payment switch for international remittance service, incubated by Comviva.
The firm allows Sri Lankan migrants worldwide to send money to their family and friends back home through TerraPay’s partner outlets/website/mobile-app, by transferring it to their bank account, at any time.
Aniruddha Sane, chief business officer of TerraPay, comments: “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.”
TerraPay describes itself as a real-time, low value payments network, which connects all financial instruments globally.
Pan Asia Bank was founded in 1995 and is a commercial bank with 85 branches across Sri Lanka.