TerraPay and YeePay have partnered to enhance cross-border payment solutions for customers.
The new strategic partnership brings together TerraPay’s global money movement capabilities and YeePay’s enterprise payment services, the companies said in a Monday (July 8) press release.
Chen Yu, co-founder of YeePay, said in the release that the partnership “will allow both companies to work together to offer our customers a more secure, convenient and cost-effective payment experience.”
Ani Sane, co-founder and chief business officer at TerraPay, said: “Together, we are prepared to extend our services and better serve customers, making cross-border transactions more seamless and accessible.”
With this collaboration, the companies aim to provide payment services globally, according to the release.
YeePay’s payment solutions for enterprises include online, mobile and offline channels, together with streamlined settlement processes, the release said. The company offers customized solutions and value-added services for airline and travel, retail, internet finance, administration and education, cross-border and other verticals.
TerraPay’s money movement capabilities are powered by a connection to a cross-border payments network that is regulated in 31 global markets and enables payments to 141 receive countries, 210 send countries, 7.5 billion bank accounts and 2.1 billion mobile wallets, per the release.
Integrating TerraPay’s global network with YeePay’s reach in China will facilitate real-time global B2B account payments, offering benefits to clients like those in the airline and travel industries, according to the release.
“Additionally, the partnership is expected to promote financial inclusion and drive economic growth in regions served by both companies,” the release said.
In another recently announced partnership, TerraPay said Wednesday (July 10) that it teamed up with Africa-focused payments technology firm enza to promote financial inclusion in Africa.
That collaboration enables enza, which has offices in South Africa and Egypt, to harness TerraPay’s connectivity to more than 2.1 billion wallets and allow for the acceptance of those wallets along with other domestic and international payment brands.
In April, TerraPay received a major payment institution license in Singapore, saying that this approval by the Monetary Authority of Singapore means that the company is either licensed or approved in 30 markets around the world.