National Bank of Bahrain (NBB) has partnered with TerraPay to expand its international payout services through the bank’s existing Swift connection.
Under the agreement, NBB will access TerraPay’s network of bank accounts, digital wallets and local payment systems, which TerraPay says spans more than 12 billion endpoints. The partnership is intended to give NBB clients access to more payment destinations while simplifying cross-border payouts.
NBB will contribute its banking infrastructure, client relationships and regional expertise. TerraPay will provide the payout network and receive Swift messages using the ISO 20022 financial messaging standard before delivering transfers in real time, according to the companies.
The companies said the model provides transparency and avoids deductions from the principal amount. It also allows banks to use their existing Swift systems and RMA key exchange, rather than building direct connections in each market.
Vineet Munot, Group Head of Transaction Banking at NBB, said the partnership would connect customers in Bahrain and the region with a wider range of payment destinations. Ani Sane, TerraPay’s Co-Founder and Chief Business Officer, said the approach helps banks extend their international reach without maintaining separate links to every market, wallet and local payment system.
Source: Fintech News
