TerraPay facilitates international remittances into bank accounts in Turkey, through the UPT system
14 June, 2021 | TerraPay | Newsroom

TerraPay, a leading global payments infrastructure company, today announced a partnership with UPT (Universal Payment Transfer), to facilitate automated international remittances into Turkey. UPT is Turkey’s first licensed payment company that offers wide range money transfer services in cross border payments. The partnership will serve as, and establish a one-stop channel for all international inbound remittances into Turkey. TerraPay’s objective is to build global digital payment highways that interconnect financial institutions such as banks and mobile wallets across the world, nurturing financial inclusivity, independence and empowerment to all in the global ecosystem. The company has a global network of international money transfer operators, mobile wallet operators, leading banks and financial institutions.

Users across the Turkey region who currently lack access to traditional cross border remittance channels like bank accounts and cash, will now be able send and receive international money transfers directly into their bank accounts through UPT. Partners’ customers in the region will experience convenience and speedy access through a unified channel, assured with high credibility, having due diligence, compliant norms and processes in place.

“We are proud to announce our expansion into bank account payments through UPT in the Turkey region. We will offer an edge to our partners' customers by providing 24X7 access and facilitating real time automated international money transfers and cross border remittances. We look forward to including new destinations on our global payments highway. Through this collaboration. TerraPay will leverage UPT for payouts in Turkey, with UPT opening up to TerraPay’s services across Pakistan, India, SEPA and Ethiopia”, said Veera Muthuswamy, MLRO Europe, TerraPay.

Speaking on the announcement, Murat Kastan, EVP, International Partnerships at UPT says: “We are extremely pleased to be partnering with TerraPay. The combination of UPT’s experience and TerraPay’s innovative approach, will mean this is a partnership that will pay off for customers, by offering a low-cost international money transfer service. Through our collaboration with TerraPay, we are also bringing together two trusted global payment brands to provide millions of customers a gateway to new opportunities. By working with TerraPay, we can further strengthen our commitment to our customers and service users as we will be enabling them to transact and expand their reach to the new markets.”

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 has 15 regulatory approvals and licenses around the world.

About TerraPay

TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally to send and receive payments on 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.

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About UPT

UPT was founded in 2010 as a 100% subsidiary of Aktif Bank (Turkey’s largest investment bank). UPT is Turkey’s first and leader ever global money transfer and payment platform. UPT allows its partners to transfer money to any account, bank/credit/prepaid card, or individual both within Turkey and overseas via UPTION (UPT’s own app) from any UPT service point. 34 banks in 10 different countries are using UPT’s system for money transfer and UPT has more than 120 global partners which are banks, payment companies and fintechs.

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