Bank Alfalah and TerraPay to Launch Home Remittance Service to Pakistan

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KARACHI, Pakistan and THE HAGUE, Netherlands, Aug. 4, 2020 /PRNewswire/ -- TerraPay, a global payments infrastructure company and Bank Alfalah have announced a partnership for offering remittance payment services in Pakistan.

Through this partnership, overseas Pakistanis will be able to use TerraPay's partners' network to instantly deposit money to any bank account in Pakistan. With this service, Bank Alfalah is reinforcing its commitment to facilitating overseas partners including renowned Fintechs, Money Transfer Operators, and Money Service Businesses engaged in cross-border remittances. This is in line with the Bank's strategy to enable smarter and faster ways of sending home remittances to Pakistan.

TerraPay has established itself as a global Partner to leading banks, money Transfer operators, mobile Wallet Operators and financial Institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay is regulated in over 45 countries around the world.

Speaking on the launch of the partnership, Bilal Asghar, Bank Alfalah's Group Head for Corporate, Investment Banking & International Business Group, stated, "It gives us immense pleasure to partner with TerraPay, another institution co-sponsored by IFC, to enhance our global coverage and make international remittances more convenient for [all] bank account holders and unbanked customers in Pakistan."

"We are committed to our vision of enhancing financial inclusion by connecting diverse payment systems. 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," said Ambar Sur, Founder and CEO of TerraPay.

About TerraPay

TerraPay is a licensed digital payments infrastructure and solutions company helping connect diverse payment systems seamlessly to move funds in real-time. TerraPay's investors include Prime Ventures, Partech Partners, the International Financial Corporation, and its founding team.

For more information, please visit terrapay.com

About Bank Alfalah

Bank Alfalah is among the largest private banks in Pakistan with a network of over 700 branches in more than 200 cities across Pakistan, with international presence in Bangladesh, Afghanistan, Bahrain, and UAE. The Bank is owned and operated by the Abu Dhabi Group.

For more information, please visit bankalfalah.com 

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Contact: Anwesha Mukherjee, +91-971-724-1606

SOURCE TerraPay Solutions India Private Limited