#Dubai #UAE #TerraPay #Xend #Payments Interoperability

TerraPay Launches Xend: A New Era in Global Payments

In a landmark announcement, TerraPay, a prominent player in the global money movement sector, introduced Xend, a first-of-its-kind Payments Interoperability Network. This initiative aims to transform the fragmented landscape of digital wallets, banks, and cards into an integrated, borderless ecosystem. The launch event held in Dubai marked a significant moment for financial technology, gathering industry leaders and innovators focused on advancing global payment solutions.

Bridging Financial Gaps

Xend serves as a universal infrastructure layer that empowers wallet users to engage in transactions across a massive network of 11,500 banks, thanks to its integration with the Swift payment network. Currently, users can access 150 million acceptance locations directly from their existing wallet apps, facilitating a seamless experience that bridges traditional banking and the fast-evolving digital finance landscape.

TerraPay's unique partnership with inclusion-focused entities like Swift further enhances Xend's capabilities. Together, they aspire to create a truly interconnected financial fabric that allows wallet users to receive and send funds internationally, making payments to merchants worldwide without any hurdles.

Expanding User Connectivity

The Xend network is designed to accommodate an impressive scale, already catering to over 200 million wallet users from leading global wallets, demonstrating its capability to rapidly scale to meet the needs of its 3.7 billion wallet endpoints. This network provides real-time access to banks, merchants, and other wallets, further enhancing user experience.

Ambar Sur, the Founder and CEO of TerraPay, expressed the essence of this breakthrough by stating, “Just as roaming transformed communication, Xend is set to free money movement from boundaries.” This analogy vividly encapsulates the mission behind Xend: to enable wallets to function globally as effortlessly as mobile phones do.

A Seamless Payment Experience

Xend's launch isn’t just about connecting wallets; it’s about altering how individuals interact with money. Individuals can receive funds from any bank worldwide, conduct payments at various online and retail merchants globally, and facilitate overseas transfers to other wallets—all without requiring additional infrastructure or complex bilateral agreements. This connectivity empowers wallet providers to offer their users fast, compliant, and interoperable payment solutions across different systems seamlessly.

“Swift has long advocated for interoperability as a cornerstone of global financial connectivity,” said Juan Martinez, Global Head of Payments Services at Swift. “Working with TerraPay aligns with our goal to enable instant and secure cross-border transactions, bringing the power of the Swift network to millions.”

TerraPay's Vision

Founded to simplify global money movement, TerraPay connects partners to a vast network of payment solutions, covering over 150 countries. This launch is a critical step towards fulfilling TerraPay's mission of creating a world where financial transactions are as borderless as communication.

With its HQ in London and offices in major cities worldwide, including Bangalore, Dubai, and Singapore, TerraPay is poised to leverage its extensive experience and infrastructure to promote financial inclusion globally, even in underserved regions. The unveiling of Xend symbolizes a bold step towards revolutionizing how financial services cater to digital wallet users, ultimately transforming them into integral financial instruments within the global economy.

As TerraPay continues to build its interoperable wallet network, the focus remains on enhancing financial access and efficiency for users around the world. Xend doesn’t just connect wallets; it redefines the future of payment systems, making them more accessible and comprehensive than ever before.