The National Bank of Bahrain (NBB), a leading bank in Bahrain has entered into a strategic partnership with TerraPay, a global digital money movement company, to expand its international payout capabilities and enhance cross-border payment experiences for its customers.
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The collaboration combines NBB's established banking infrastructure, customer relationships and regional expertise with TerraPay's extensive digital global payout network. Through this partnership, NBB will leverage TerraPay's digital infrastructure to extend its international reach, simplify cross-border payout operations and enable access to a broader range of payment destinations. Central to this partnership is TerraPay's ability to receive Swift ISO 20022 messaging and seamlessly deliver cross border transactions in real-time safely and securely. All with the benefit of complete transparency to the customer with no deductions from the principal amount.
Through TerraPay's strategic Swift connectivity, banks can leverage existing Swift infrastructure and established RMA key exchange processes to access TerraPay's network of bank accounts, digital wallets and local payment systems worldwide. This approach significantly reduces the complexity of direct integrations while enabling faster access to new markets and payout corridors. Through this collaboration with Swift, TerraPay enables banking partners such as NBB to concentrate on their core strengths: customer relationships, banking services and delivering an increasingly digital customer experience.
Commenting on the occasion, Vineet Munot, Group Head of Transaction Banking at NBB, said, “International connectivity is becoming increasingly important to how our customers operate, and our role is to ensure that NBB’s transaction banking expertise continues to serve those needs with speed and reliability. This collaboration is a strategic step forward in scaling our payments proposition through infrastructure that can improve the cross-border transaction experience. Through TerraPay, we see an opportunity to connect our customers in Bahrain and the region with a wider range of payment destinations, supporting their growth as their requirements become more global.”
Ani Sane, Co-Founder and Chief Business Officer at TerraPay, said: “Banks want to extend their international payment reach without having to build and maintain separate connections into every market, wallet and local payment system. That is exactly the problem TerraPay solves. By combining TerraPay’s global payout network with Swift connectivity, NBB can use its existing banking infrastructure to access more than 12 billion bank accounts, digital wallets and local payment systems through a single global network. This partnership gives NBB a faster and more scalable way to expand into new corridors, broaden customer choice and improve the cross-border payment experience, while allowing the bank to retain control of the customer relationship and its core banking infrastructure. NBB is a strong example of how leading banks are choosing TerraPay to extend traditional correspondent banking into the rapidly growing world of instant payments and digital wallets.”
By bringing together NBB's established banking capabilities and TerraPay's global digital payout infrastructure, the two organisations aim to bridge traditional banking and emerging payment ecosystems, creating new opportunities for more accessible, efficient and connected crossborder money movement.