TerraPay, a global money movement company, has partnered with Multipass, a bank challenger in the financial technology sector, to revolutionize cross-border payment solutions for corporate customers. This strategic collaboration aims to redefine reliability, efficiency, and cost optimization for businesses operating in the UK, Europe, and beyond.
By joining forces, Multipass gains access to TerraPay’s extensive global payments network, enabling them to expand their reach to new jurisdictions and offer local payouts in multiple currencies. This partnership ensures efficient cross-border payment solutions and provides 24/7 customer support and dedicated personal account managers, combining human interaction with technological advancement.
Sudhesh Giriyan, President of Cross-Border Payments at TerraPay, expressed excitement about the collaboration, emphasizing the dedication to driving efficiency, reliability, and cost optimization through innovative solutions.
Rami Chedid, CEO of Multipass for the UAE and the Middle East, highlighted the significance of the partnership in delivering secure and fast payment solutions to medium-sized entrepreneurs trading internationally. As Multipass continues its expansion plans in the UAE, the partnership with TerraPay solidifies their global payment reach, offering clients a competitive edge and opportunities for business growth.
Furthermore, Multipass has initiated the application process for a financial services license in the UAE, regulated by The Dubai Financial Services Authority (DFSA). With in-principal approval received, the company will soon launch operations, broadening the global payment reach for UAE-based businesses from day one.
TerraPay simplifies global money movement by providing a single connection to an expansive cross-border payments network, enabling payments to over 144 receiving countries and 210+ sending countries. TerraPay aims to connect a borderless financial world, making moving money instant, reliable, transparent, and fully compliant.
Multipass, a part of the Dyninno Group of Companies, offers modern financial solutions for businesses engaged in cross-border activities. Their customer offering includes multi-currency business accounts, instant FX desks, and corporate cards, providing international companies with simplified management of bank transfers in foreign markets.
The collaboration between TerraPay and Multipass marks a significant milestone in transforming cross-border payments, offering businesses unparalleled reliability, efficiency, and cost optimization in today’s interconnected global economy.
While the article provides an overview of the partnership between TerraPay and Multipass to transform cross-border payments, there are several additional facts that can be mentioned.
Firstly, it is important to discuss current market trends in the cross-border payments industry. According to a report by McKinsey, the cross-border payments industry is expected to grow at a compound annual growth rate of 5.3% from 2020 to 2025. This growth is driven by factors such as increasing globalization, rising e-commerce activities, and the need for faster and more efficient payment solutions.
In terms of forecasts, industry experts predict that the demand for innovative cross-border payment solutions will continue to rise. This is particularly true for businesses operating in the UK and Europe, where there is a significant volume of cross-border trade. The partnership between TerraPay and Multipass positions them well to capitalize on this growing demand and gain a larger market share.
However, there are also key challenges and controversies associated with cross-border payments. One of the main challenges is the high cost of international transactions, which can eat into businesses’ profits. Additionally, the complexity of complying with different regulatory frameworks in various countries can pose challenges for companies operating across borders.
Advantages of the TerraPay and Multipass collaboration include access to TerraPay’s extensive global payments network, which enables Multipass to offer local payouts in multiple currencies. This provides convenience and flexibility for businesses engaged in cross-border activities. The 24/7 customer support and dedicated personal account managers also enhance the overall customer experience.
On the other hand, a potential disadvantage of the partnership is the need for businesses to adapt to new systems and processes. While the collaboration aims to simplify cross-border payments, there may be a learning curve for businesses transitioning to these new solutions.
To learn more about the current market trends, forecasts, and challenges in the cross-border payments industry, you can visit the website of a reputable financial institution or consulting firm that specializes in global payments. One such example is McKinsey, which provides valuable insights and research on the topic. You can find more information at McKinsey.