Western Union, a leader in cross-border, cross-currency money movement, announces an alliance with 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. “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.
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency money movement platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, a vast global retail network of over half a million locations, and the ability to send money to billions of accounts and mobile wallets – sets the standard for international money movement. With operations in more than 200 countries and territories, Western Union’s platform processed an average of 32 transactions every second and moved $300 billion in principal across 130 currencies in 2017.
Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers around the globe. The company offers digital transactions in more than 50 countries and territories. Approximately 70% of Western Union’s digital transactions globally now originate on mobile devices.