The current insurance market presents a significant challenge for buyers and sellers of insurance which in turn requires greater innovation, understanding and differentiated level of service. To address the requirements related to payments in the insurance business, TerraPay and Deinon Risk Services join hands to make the process of buying and selling insurance more convenient and efficient.
“We are very excited and pleased to announce an exclusive partnership between TerraPay and Deinon Risk Services”, said Mahmood Khairaz, Chairman at Deinon Risk Services. “This agreement offers our partners and clients a unique skill set and depth of resource and the TerraPay – Deinon solution will offer expertise and innovation in bringing fintech solutions to the insurance industry,” added Mahmood.
“As a licensed international payments infrastructure company, our goal at TerraPay is to assist our business clients in creating efficiencies in their payment collection and disbursement processes and enable the customer in making real-time, secure, and easy premium and claim payments”, said Ambar Sur, CEO at TerraPay. “The payments industry continues to evolve and we see a tremendous opportunity in leveraging our financial services experience in payments and offering it to the insurance sector,” continued Ambar.
Canada’s growth lends itself to an increasing population of immigrants boosting the economy. Fuelling its aim to attract migrants to the nation in the next few years calls for a seamless and secure framework to facilitate the money transfer requirements of all participants in the payments ecosystem.
As per the World Bank data estimated in 2018*, the outward remittance value of US$ 27B from Canada, with a growing share of digital remittances, reflects a global move towards cashless economies.
With an aim to further strengthen this drive to cater efficiently to the dynamic money transfer needs of the industry, TerraPay, a leading global payments infrastructure company, has recently announced its MSB registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
This license will facilitate the Company’s unparalleled and robust cross-border payments infrastructure to mobilize international remittances from the region in real-time, at low costs, and help offer diverse value-added financial payment services to TerraPay’s partners and their customers.
The FINTRAC license adds to TerraPay’s 45+ regulatory approvals and local licenses, now connecting Canadian immigrants to our global partner networks – 2B Bank Accounts, 500+M mobile wallets- across 100 countries, and 58+ settlement currencies.
TerraPay is a licenced digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and new-age platform technology serves as the digital interoperability engine enabling customers and businesses globally to send and receive payments in a secure, transparent, efficient and real-time basis. The agile network supports diverse payment instruments and types of payments, while adhering to complex regulations and compliance standards in different markets.
For more information, please visit terrapay.com.
About Deinon Risk Services:
Deinon Risk Services is a newly formed company, bringing highly experienced Risk, Re(Insurance), Finance, Data and Analytics and Technology professionals together who have been servicing the Aerospace (Re)Insurance Market from Africa to South East Asia for over a decade.
For more information, please visit deinons.com.