Regarding cross-border B2B transactions, there are several roadblocks and approvals that one needs to work around. It is to ensure seamless and secure cross-border payments that TerraPay was established.
The company was founded with a clear mission: to make low-value payments as affordable, safe, and convenient as high-value ones, thereby democratising access to financial services worldwide.
By leveraging cutting-edge technology and a robust API infrastructure, TerraPay ensures that even the most minor transactions are processed with the highest levels of efficiency and security.
APIs, or Application Programming Interfaces, are the cornerstone of TerraPay’s technology. These interfaces act as intermediaries that facilitate seamless communication between different software programs. An API comprises a set of defined rules and protocols that enable various software components to interact efficiently. TerraPay’s APIs are built using modern web technologies and adhere to industry standards, ensuring robust, secure, and efficient services.
“By using APIs, developers can leverage existing functionalities without needing to understand the underlying code structure, thereby streamlining the development process,” said Ram Sundaram, Co-founder and Chief Operating Officer of TerraPay. “Our APIs are designed to provide robust, secure, and efficient services, ensuring they are compatible and interoperable across different systems.”
TerraPay’s technology streamlines the complex remittance process. Customers initiate remittances through their financial institutions using various channels, such as mobile apps, websites, or over-the-counter services. TerraPay’s APIs verify the recipient’s bank account, mobile wallet, or debit card, ensuring they can receive the payment.
The applicable foreign exchange rate is checked, and the exact amount the beneficiary will receive is confirmed. The transaction is sent to TerraPay after compliance checks if the customer agrees. TerraPay then coordinates with partner financial institutions in the receiving country to credit the beneficiary’s account.
“Secure APIs ensure all communication and data exchanges are efficient and accurate throughout the process,” Sundaram, explained. “This seamless integration allows for near-instantaneous verification and processing, ensuring that the funds reach the recipient swiftly and securely.”
Sudhesh Giriyan’s journey in the money transfer industry spans over two decades, with key roles at Express Money and UAE Exchange. His transition into TerraPay in early 2020 was driven by his admiration for the company’s innovative approach and success in the industry. Under his leadership, TerraPay has expanded its services globally, operating in 144 countries and providing both P2P and B2B payments.
Navigating the financial technology landscape comes with its set of challenges. Regulatory hurdles, compliance issues, and technological limitations are some of the significant obstacles. Obtaining necessary licenses across different regions is a lengthy process, and ensuring compliance in countries with weak identity verification systems adds to the complexity.
“We have built deep expertise in these areas, working closely with local authorities and investing in advanced compliance technologies,” said Sudhesh Giriyan, President and Global Head International Money Transfers, Terrapay. “This has allowed us to build a robust framework that not only meets regulatory requirements but also ensures the highest standards of security and efficiency.”
Security is paramount for TerraPay. Security considerations are integrated into their systems from the design stage and constantly tested against known threats. TerraPay follows PCI-DSS, ISO27001, and SOC regulations to ensure industry-standard security measures. Thorough background checks during recruitment and constant monitoring systems are in place to detect and respond swiftly to security breaches.
“This comprehensive approach guarantees that all transactions are conducted in a secure environment,” Sundaram added. “We prioritise security at every step, ensuring that our customers can trust the integrity of our services.”
TerraPay was established on the principle that every payment, regardless of size, deserves a safe and seamless journey. Initially focused on building interoperability within the wallet ecosystem, TerraPay has expanded to support bank accounts and cards, creating a comprehensive payment ecosystem.
“Even the smallest payment deserves a journey as safe and seamless as the largest,” said Giriyan. “Our goal has always been to make low-value payments as affordable, safe, and convenient as high-value ones.”
“Our platform connects multiple partners globally, facilitating seamless transactions through robust API integrations,” Sundaram said. “With 97% of transactions completed in less than a minute, we have built an infrastructure that supports various transaction types, including transfers into bank accounts, mobile wallets, and soon, directly onto cards.”
TerraPay’s commercial model ensures profitability for all stakeholders. By charging send partners a fee for each transaction and offering competitive exchange rates, partners can mark up rates and fees for their customers, earning a stable income. This dual revenue stream from transaction fees and currency conversion margins ensures a healthy ROI for businesses, enhancing their service offerings and customer satisfaction.
“Businesses partnering with us benefit from the reliability and efficiency of our transaction processing capabilities,” Giriyan explained. “Our scalable technology allows them to handle a high volume of transactions efficiently, further enhancing their profitability.”
TerraPay’s commitment to technological excellence is evident in its sophisticated platform. For a deeper dive into the technical specifics, TerraPay’s dedicated tech team is available to provide comprehensive insights, ensuring a thorough understanding of the technological framework powering their platform.
“Our platform is designed to connect multiple partners across the globe, facilitating seamless transactions between origination and termination points,” Sundaram said. “For instance, we have several partners in the UAE, including numerous exchange houses, and destination partners in countries like India, the Philippines, Bangladesh, and Pakistan. This global network is crucial to our success.”
As TerraPay continues evolving, the company remains focused on its mission to provide a seamless and secure user experience. With a robust technological infrastructure and a commitment to innovation, TerraPay is poised to lead the digital payments landscape.
“We are constantly innovating and improving our services to meet the growing needs of our users,” Sundaram concluded. “Our goal is to continue expanding our reach and improving our platform to make digital payments accessible and convenient for everyone, everywhere.”
