The World’s first fully regulated Interoperability engine
Applicant name: TerraPay
Innovation Name: Interoperability as a service: Enabling instant cross-border micro payments
Innovation Type: Service
Mission: TerraPay offers the world’s first fully regulated Interoperability engine
Innovation Description: Mobile money services function as islands and can’t easily “talk” (connect) to global financial instruments due to varying technical and regulatory requirements. Integrating remittance payment networks with the mobile wallets can yield twin advantages of pervasiveness and cost-efficiency for over 250 Mn migrants, and amplify the flow of remittances via regulated channels.
TerraPay provides the interoperability engine that enables our network partners to process international remittances to mobile wallets, in real-time. This, combined with our regulatory cover and clearing & settlement framework, makes us a one stop shop for all interoperability requirements. Our scalable system enables a financial instrument to handle large volume – low value transactions, unlike usual financial systems which handle low volume – high value transactions. This allows us to do near real- time transfers with 97% of our transactions being delivered to the end user in less than a minute.
Advantages- Instant Cross border Micro payments, Regulatory cover.
Status of Innovation: In-market
Innovation Active: 02/01/2017
Applicant Type: Private Company
Headquarter City: Amsterdam
Headquarter Country: Netherlands
Year Founded: 2015
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
TerraPay seeks to be to mobile money payments, what MS-DOS was to the hardware era. A unifier and a driver of compatibility. This is why we term our solution ‘Interoperability as a service’. TerraPay’s platform provides a confluence of technological know-how, and the regulatory infrastructure to enable an industry-driven model for interoperability. We are driving the convergence of diverse markets, payment schemes onto an equilibrium (of rule sets, commercial terms, and technical standards). A notable uptake of the service is the recent roll-out in Ghana, where in the last 3 months (Dec17-Feb 18) , a total of 199k International transfers from UK, US, and GCC countries through varied channels (Cash/App/Web) were processed to mobile wallets in Ghana. Total value of transactions was approx USD 30.8 Mn.
TerraPay is creating synergy in the remittances industry through its Licensing strategy, Reg Tech Practice leading to a secure transaction environment, Interoperability/Switching services, Implementing and promoting standardized GSMA APIs.
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
TerraPay is a B2B transaction processing, clearing and settlement service for mobile wallets. It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms and regions. TerraPay brings mobile wallets mainstream, by interconnecting them to existing financial institutions.
Cost & Scale Challenges for International Transfers: The solution transforms back-end operations, improving efficiency and financial viability of small-value cross-border payments. Partners can just “plug into” our cloud-based platform and add new network routes at zero additional infrastructure costs.
Licensing and compliance challenges in international transfers- TerraPay is building payment rails for interoperable transactions. The company has successfully acquired licenses in Europe and 8 African jurisdictions. TerraPay has received acceptance from Industry partners by building varied partnerships in a short span of 2 years and processes remittances from over 90 countries.
Full Name: Kritarth Srivastav
Role: Product Marketing
Full Name: Saurabh Ranjan
Role: Global Marketing Head
Full Name: Akbar Hussain
Role: Chief Legal and Compliance officer
Full Name: Ram Sundaram
TerraPay- Transfer Happiness: https://www.youtube.com/watch?
Regulatory Approvals: https://www.techzim.co.zw/