The rise in digital solutions for cross-border payments and why compliance is key

Cross-border money movement is a critical function for the travel industry – fueled in part by growing acceptance of virtual cards and mobile payments.

But a successful cross-border payment strategy requires a focus on compliance with the myriad of regulations that exist in different markets.

As a global payment solutions company working to make payments seamless, digital and fast, TerraPay works with travel companies around the world.

“We are the plumbers for cross-border money movement,” said Ani Sane, co-founder and chief business officer of TerraPay.

“We are in the background, nobody should know us. We are doing the last mile payouts.”

Sane spoke to PhocusWire editor in chief Mitra Sorrells in the PhocusWire studio at Phocuswright Europe 2024 in Barcelona.

He explained that he and his co-founders started TerraPay in 2014 based on the premise that if an SMS message can be delivered instantly, globally, then money should be able to transfer in that way too.

Today TerraPay has licenses and regulatory approvals in 31 countries. Sane discussed how the company is now focused on building its capabilities in some emerging markets, including in the Middle East, Africa, Asia and Latin America.

“Once we build infrastructure for regulations, money movement becomes easy,” he said.

Watch the full discussion below.