PR86257

TORONTO and HAGUE, Netherlands, Oct. 26, 2020 /PRNewswire=KYODO JBN/--

    Canada's growth lends itself to an increasing population of immigrants

boosting the economy. Fuelling its aim to attract migrants to the nation in the

next few years calls for a seamless and secure framework to facilitate the

money transfer requirements of all participants in the payments ecosystem.

    As per the World Bank data estimated in 2018*, the outward remittance value

of US$ 27B from Canada, with a growing share of digital remittances, reflect a

global move towards cashless economies.

    With an aim to further strengthen this drive to cater efficiently to the

dynamic money transfer needs of the industry, TerraPay, a leading global

payments infrastructure company, has recently announced its MSB registration

with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

    This license will facilitate the Company's unparalleled and robust

cross-border payments infrastructure to mobilize international remittances from

the region in real-time, at low costs, and help offer diverse value added

financial payment services to TerraPay's partners and their customers.

    The FINTRAC license adds to TerraPay's 45+ regulatory approvals and local

licences, now connecting Canadian immigrants to our global partner networks -

2B Bank Accounts, 500+M mobile wallets- across 100 countries, and 58+

settlement currencies.

    Ambar Sur, Founder and CEO, TerraPay speaks on this proud moment, "The

FINTRAC licence is a strategic boost to our commitment in driving digital

interoperability across countries. We are well equipped to service the payment

requirements of our partners and their customers in Canada. We work towards

ensuring global access to all participants and innovation in the payments ecosystem."

    *World Bank 2018 data

    About TerraPay

    TerraPay is a licenced digital payments infrastructure and solutions

provider, paving the global payments highway. The company's robust foundation

and new-age platform technology serves as the digital interoperability engine

enabling customers and businesses globally to send and receive payments in a

secure, transparent, efficient and real-time basis. The agile network supports

diverse payment instruments and types of payments, while adhering to complex

regulations and compliance standards in different markets.

Media Contact:

Anwesha Mukherjee

+91-9717241606

Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg 

SOURCE: Terrapay Solutions India Private Limited