This week I got to sit down with the Founder & CEO of TerraPay, Mr. Ambar Sur. Ambar started his career in the RF design of cell sites and has now gravitated towards payment. His idea of an interoperable payments world is slowly taking shape. We ask him what TerraPay is all about, how it got started, where it is today and where it is heading.
TerraPay is a B2B company that operates under the umbrella of Mahindra Comviva. TerraPay connects all payment service providers everywhere in a single global clearing & settlement network that enables secure and seamless cross border movement of funds from any instrument and to any instrument, all identified by the individual’s mobile number. Through an aggregation model we bring together multiple financial service providers like mobile money operators, money transfer operators, banks and other payment platforms to create a hub for secure movement of funds globally. This hub provides a bouquet of ancillary services including interpersonal transfers, e-payments and government disbursements.
Being a platform independent service that supports standard open APIs for integration with financial institutions, TerraPay lets partners gain access to a global payment network through a single interaction. It is a fully regulated financial intermediary network that offers end-to-end services including API integration, FX services, AML and CFT verification, reconciliation and reporting while minimizing OPEX and CAPEX. Mahindra Comviva has been a leading provider of mobility solutions for a varied range of businesses for more than a decade. Armed with this experience and the know-how about the needs of a diverse market, Comviva has developed a range of solutions for operators of all sizes. With strong focus on innovation and quality assurance it has been one of the major guiding factors behind the success of the business of tomorrows.
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