Financial services company Western Union, has announced its alliance with global payment network firm TerraPay, to enable mobile wallet and bank account payout.
The alliance further expands upon Western Union’s account payout network for sending remittances directly into customers’ mobile wallets across Europe, Africa, Asia and Latin America.
TerraPay’s low value payments network connects financial instruments internationally.
The company’s interoperability engine enables customers to send and receive transactions across diverse payment instruments and platforms – enabling mobile wallets in international, regional and domestic markets.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering remittances into mobile wallets,” said Sobia Rahman, global Head of Account Payout Network for Western Union.
“Extending our network to TerraPay’s users will provide a convenient and automated channel that customers are looking for.”
“We are excited about this new alliance with Western Union. Uniting our strengths will play a pivotal role in expanding TerraPay’s network into new markets and help migrant workers send money home to a mobile wallet or bank account, through a reliable and convenient service,” said Ambar Sur, Founder and CEO of TerraPay.
The Western Union® global account payout network connects to local banks, national payment settlement switches, third-party payment processors, mobile wallets, prepaid and other card connections.