TerraPay pairs up with MOVii in cross-border payments push

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • TerraPay, a leading provider of international money transfer infrastructure services, has said that it will be working with MOVii as part of a new push into the Colombian inbound remittance market.
  • The work will be carried out in phases – the firms are expected to launch services together soon with a plan to develop a more complete interoperability platform in the coming months.
  • “We are proud to partner with TerraPay, in further empowering our existing mobile wallet users to do more than just transact digitally,” said a senior figure at MOVii.

TerraPay, a major provider of international money transfer infrastructure services, has confirmed that it will partner with mobile wallet firm MOVii.

The company said that it will make the move as part of a push to enter the Colombian market for digital payments.

MOVii, which offers mobile transaction services to both unbanked and banked customers, will help in this regard.

The partnership will see the two firms carry out the joint work in phases.

One phase will allow Colombians living abroad to send money home using the MOVii system.

These payments will be instantaneous and will be carried out through MOVii mobile wallet payouts.

This service will be available in over 150 of TerraPay’s partner nations around the world.

The firms have also confirmed that plans for the creation of an interoperable platform are underway.

This is scheduled for later in the year.

In a statement, a senior figure at TerraPay said that the pairing with MOVii was useful for expansion.

Ricardo Madronero, who serves as the regional manager for Latin America at TerraPay, said that this was just the start of the process.

“Our partnership with MOVii is the starting means to accelerate the growing opportunity for inbound remittances from Colombian diaspora globally,” he explained.

He went on to say that connection will happen “seamlessly” under the new arrangement.

“TerraPay’s industry benchmarked interoperability engine will seamlessly connect an impressive count of over 1.7 million MOVii mobile wallet users to receive instant funds, with credibility.”

He added that there were plenty of opportunities to collaborate and deepen payment channel usage.

“An exciting path ahead with many more such collaborations to enhance and deepen multi payment channel connections and usage, globally,” he said.

MOVii’s chief executive officer and co-founder Hernando Rubio said that the company was pleased to be pairing up with TerraPay.

“We are proud to partner with TerraPay, in further empowering our existing mobile wallet users to do more than just transact digitally.

“Now, they can also receive instant cross-border money transfers from their family residing at any of TerraPay’s extensive global partner network send countries,” he added.

“For diaspora, the partnership facilitates them to be connected to their family back home, with a simple and cost effective means of sending money home.”

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