Miami-based community bank Terrabank has teamed up with TerraPay, a global money movement company, and payments technology platform Mozrt to offer cross-border payments.
Clients will be able to send money directly to digital wallets and bank accounts worldwide.
The service will run on Mozrt’s SmartRails platform, which Terrabank already uses. TerraPay’s network will be integrated into that existing platform.
Terrabank is an affiliate of Grupo Promerica. The service covers consumer remittances and business payments for its retail, business, correspondent banking and fintech clients.
Under the deal, TerraPay provides the global clearing network. Mozrt’s platform, meanwhile, handles routing and aims to automate the payment process.
According to the companies, transfers should settle faster and carry lower, more transparent fees than traditional international wires.
In addition, each payment will go through fraud prevention, OFAC and anti-money laundering (AML) checks.
“The value of connecting to a money movement network such as TerraPay is a game-changer for institutions of all sizes,”
said Jeff Althaus, President and CEO of Mozrt.
“Our ultimate goal is to make payments as seamless and intuitive as possible for our clients,”
said Antonio Uribe, President and CEO of Terrabank.
At the same time, the bank said it will keep the personalised service and relationship-based approach it has followed for more than four decades.
Featured image: Edited by Fintech News Switzerland, based on image by Morzt via its website and wahyu_t via Magnific.
