Bank Alfalah, one of the largest private banking institutions in Pakistan has partnered with TerraPay to facilitate remittance payments in Pakistan. Overseas Pakistanis will now leverage enhanced financial infrastructure, giving them the ability to instantly deposit money to any bank account in Pakistan.
TerraPay And Bank Alfalah
According to a recent announcement, TerraPay and Bank Alfalah have joined forces to accelerate remittance payments in Pakistan. Through the payment infrastructure offered by TerraPay, overseas Pakistanis will have an avenue to instantly deposit money to any bank in Pakistan. With this partnership in place, Bank Alfalah looks to accomplish its goal of offering smarter and more efficient ways of sending remittances to Pakistan. Bank Alfalah represents one of the largest private banks in Pakistan, operating 700 branches, and being stationed in over 200 cities.
Bilal Asghar, an executive at Bank Alfalah commented on the partnership stating that:
“It gives us immense pleasure to partner with TerraPay, another institution co-sponsored by IFC, to enhance our global coverage and make international remittances more convenient for all bank account holders and unbanked customers in Pakistan.”
Ambar Sur, Founder and CEO of TerraPay added that:
“We are committed to our vision of enhancing financial inclusion by connecting diverse payment systems. Pakistan is one of the most important remittance corridors in the world and we are very excited to partner with Bank Alfalah and help overseas Pakistani diaspora send money back home through our real time, secure and reliable payment infrastructure.”
The TerraPay Network
Overseas Pakistanis will soon have access to TerraPay’s partners’ network to fuel cross border remittances. It is important to note that TerraPay relies on its interoperability engines to handle diverse payment networks. The Fintech company has built a network of partners to help it connect financial instruments on a global scale. Some of the global money transfer companies TerraPay has partnered with include Ripple, MoneyGram, Visa, Western Union, Xpress Money, Ria, Instant Cash, and others.
Is This Partnership Positive For XRP?
Despite being partnered with Ripple, no recent developments by TerraPay have mentioned the use of XRP. The partnership between Ripple and TerraPay seems to be a bit different, especially since TerraPay operates its own settlement system and payments network. Companies would normally partner with Ripple to take advantage of RippleNet which fuels cross-border payments. In addition, TerraPay partners with many Ripple competitors, which raises additional questions moving forward. TerraPay could very well utilize XRP in the foreseeable future, but as of now TerraPay has not shared any information regarding this coming to fruition.
More On TerraPay
TerraPay was founded in 2015, and creates payment infrastructures on a global basis. The companies core services revolve around real time cross border payments, transaction processing, and clearing and settlement services. The Fintech companies interoperability engine creates an environment where customers can send and receive real time transactions across dissimilar payment networks, platforms, and regions. TerraPay has also accumulated investment from top tier firms including Prime Ventures, Partech Partners, and the International Financial Corporation.
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