Leading global digital payments infrastructure company, TerraPay, announces that it has secured the money services business (MSB) license in the State Of Florida, The United States Of America. 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 present globally.
Through the US license, TerraPay aims to expand its partnership network in the US & LATAM region to facilitate low-cost, hassle-free, instant transactions in 96 countries. This MSB license is a major step toward TerraPay’s goal of becoming a major player in the global cross border payment ecosystem.
With US license TerraPay now has 25 regulatory approvals and local licenses, connecting customers to their global partner networks – 4.5Bn+ Bank Accounts, 1.5Bn+ mobile wallets- across 192 countries and 49 settlement currencies.
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According to the data published by the World Bank, the United States of America is the most significant source of country for remittances globally, followed by the United Arab Emirates, Saudi Arabia, and Switzerland. The report also revealed that the cost of sending money across international borders remained high, around 6.4 percent on average in the first quarter of 2021. Sending remittances to Sub-Saharan Africa is particularly high (8 percent).
Ambar Sur, Founder, and CEO, TerraPay, commented: “The MSB license is a strategic boost to our commitment to drive global financial inclusion. Our partners & customers are our number one priority, TerraPay works hard to be a law-compliance entity to different countries and regions around the world. The USA license is the cornerstone of long-term development, and it is based on a deep understanding of the industry. We will continue to work towards ensuring global access to all participants and innovation in the payments ecosystem.”
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“We are delighted to receive the US License, it’s a true testament to our commitment to drive digital interoperability across countries. Given that the US is the largest remittance send country, our main aim is to further strengthen our footprint in the US & scale up operations in 16 counties of the LATAM region to facilitate economical, instant, borderless transactions from the US to key regions like LATAM, Asia, Europe & Africa. The new licensing arrangement will allow us to expand our payment offerings to more financial institutions & build secured payments infrastructure for businesses in the USA,” said Mr. Philip Daniel, Regional Director – Americas, TerraPay.
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