- Terrapay, a well-known global company offering payment infrastructure services, will work alongside Bank Alfalah on a new project.
- Bank Alfalah’s customers will now be able to make real-time cash transfers to bank accounts in the country by using the Terrapay network.
- Leaders at the two firms were positive about the new development and the positive effects it could have on customers.
Payment platform firm Terrapay has revealed a new partnership with a leading bank in Pakistan.
It will work alongside Bank Alfalah, which is one of Pakistan’s biggest private financial institutions.
As a result of the partnership, customers of the bank will now be able to make a real-time cash transfer to any Pakistan-based account.
It will also help a range of different customer profiles, including partners based abroad.
A press report on the new partnership said that financial technology firms, or fintechs, would benefit from the development.
Organisations such as money service businesses will also benefit.
Leaders at each of the firms shared their views on the new online money transfer partnership.
Bilal Asghar, who serves as the group head for corporate and investment banking (as well as international business) at Bank Alfalah, said that the firm was pleased to be entering the partnership and that customers would feel the benefits, especially when it came to convenience.
“It gives us immense pleasure to partner with Terrapay […] to enhance our global coverage and make international remittances more convenient for [all] bank account holders and unbanked customers in Pakistan,” he said.
For Terrapay’s part, the firm’s chief executive officer and founder Ambar Sur emphasised that the partnership would help encourage those who are underbanked to become more included.
He also pointed out that the partnership is happening against the backdrop of Pakistan’s significant role in the global cross-border payments infrastructure.
“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,” he said.
Terrapay, which is based in the Netherlands, is now a well-established name on the money transfer scene.
The firm states on its website that it works with a host of organisations, including e-wallet providers and banks.
It also claims to work with non-governmental organisations as well as governments.
Bank Alfalah, meanwhile, is a major Pakistani bank with more than 700 branches across the country.
It claims to be the fifth-largest such private institution in the country.
It was set up in 1992 and has been licensed by the State Bank of Pakistan since the same year.
If you are interested in discovering more about the way that firms in the online money transfer field work, why not head over to our magazine section and check out some more articles?
