Terrapay

Based in the UK, Terrapay offers a cross-border payments infrastructure for financial institutions (including banks), mobile wallets, money transfer operators, and merchants. Terrapay’s network covers transaction processing, clearing, and settlement services by supporting various payment instruments and types. The company aimed to improve financial inclusion by reducing migrant remittance costs in line with the UN Sustainable Development Goals.

Its solutions broadly include cross-border remittance (person-to-person and business-to-business) and payment services. Its payment services include infrastructure to embed request-to-pay (RTP) and business payouts (including transaction monitoring, risk management, and sanction screening, among others). Terrapay planned to include issuance as well as collection and acquiring services to its payment solutions (as of April 2023). The company claims that it processes around 97% of its transactions in under one minute.

Key customers and partnerships

In June 2024, Terrapay partnered with London-based Thredd, a card-issuing platform, to power its virtual card payments solution for the travel industry. In March 2024, TerraPay partnered with Alfardan Exchange to enhance cross-border remittances in Qatar. In January 2024, Terrapay partnered with Orange Finances Money Mali, a subsidiary of Orange Mali specializing in electronic money, to enable cross border payments in Mali. In October 2023, Terrapay partnered with Papara, a money transfer, payment management, and investment platform and with Nepui, a Columbian digital banking platform, to expand its product reach across Turkey and Columbia, respectively. In May 2023, Terrapay received an undisclosed strategic investment from Visa, and formed a strategic partnership to collaborate and simplify cross-border transactions, primarily for small and medium-sized businesses (SMBs). Through its network of partners and customers, Terrapay was present in over 205 sending countries and 108 receiving countries (62 settlement currencies), as of April 2023. Notably, the platform had around 121 banking partners and its non-banking partners included Zai, MoneyGram, NPCI, and Beyon Money, among others. Moreover, Terrapay was registered and regulated across 27 global markets, as of April 2023.