TerraPay to Secure Canada MSB License to Strengthen Business

TerraPay​, a leading global payments infrastructure company, has recently announced that its Money Services Business (MSB) registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

TerraPay’s decision to pursue a license in Canada, which has a growing share of digital remittances, was driven by dynamic money transfer needs of the industry, the company said in statement.

This license will facilitate the Company’s 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.

Ambar Sur, Founder, and CEO, TerraPay commented, “The FINTRAC license is a strategic boost to our commitment to drive 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.”

This’s announcement from the payment company follows on its partnership with EbixCash World Money Limited, Canada, a FINTRAC registered Foreign Exchange and Remittance Solutions Company based out of Toronto, for offering cross border payments from Canada.