BRAC Bank Ties with TerraPay to Reinforce Cross-Border Payments

Bangladesh-based BRAC Bank has signed an agreement with TerraPay to enable faster cross-border payments.

Through this partnership, non-resident Bangladeshis living and working in other countries will be able to send real-time digital cross-border payments to their friends and families using TerraPay’s interoperability platform.

According to the release, around 13 million Bangladeshi workers living abroad send close to USD 22.1 billion yearly in remittances to Bangladesh. They have to face various challenges while sending money to Bangladesh on a regular basis. With TerraPay and BRAC Bank joining hands, non-resident Bangladeshis will now have access to a secure, real-time, and affordable passage that allows them to send money to Bangladesh.

The partnership will enable BRAC Bank to leverage TerraPay’s merchant partner networks globally (with due regulatory coverage) with payouts to more than 4.5 billion bank accounts and more than 1.5 billion mobile wallets. Additionally, TerraPay will be able to leverage BRAC Bank’s presence amongst more than 1.3 million customers and tap into the Global Alliance for Banking on Values network.

(Source: The Paypers)