Bank Alfalah and TerraPay to launch home remittance service

KARACHI: Bank Alfalah and TerraPay, a global payments infrastructure company, 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. Bank Alfalah is among the top performing banks for remittances, with inflows of over one billion US dollars. By integrating with TerraPay (a global partner operating in over 45 countries around the world) the Bank will be able to enhance its proposition by using TerraPay's agile, secure, and scalable technology platform.

Speaking on the launch of the partnership, Bilal Asghar, Bank Alfalah's Group Head for Corporate, Investment Banking & International Business Group, said that partnership with TerraPay will enhance the Bank's 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," said Ambar Sur, Founder and CEO of TerraPay.

Copyright Business Recorder, 2020