Terrabank partners TerraPay & Mozrt on global payments

Terrabank has partnered with TerraPay and Mozrt to offer cross-border pay-to-account and digital wallet transactions. The arrangement extends the Miami bank's international payments services through Mozrt's SmartRails platform.

The move gives Terrabank clients access to cross-border consumer remittances and business payments through bank accounts and digital wallets. It combines TerraPay's clearing network with Mozrt's routing technology to automate payment flows and expand access to overseas destinations.

The service is aimed at retail, business, correspondent banking, and fintech clients. Terrabank, part of Grupo Promerica, has operated as a community bank in South Florida since 1985 and also serves selected international markets.

The partnership includes fraud prevention measures, as well as OFAC and anti-money laundering checks. It is intended to provide direct access to bank accounts and digital wallets in multiple markets, along with faster settlement and lower fees than traditional international wire transfers.

Network reach

TerraPay said its network connects to more than 7.5 billion bank accounts across more than 156 countries. Its Xend payments interoperability network also reaches 3.7 billion wallets through a single connection.

For Terrabank, the agreement expands its cross-border offering at a time when banks face pressure to improve the speed and transparency of international transfers for both consumers and businesses. Community and regional lenders have increasingly turned to specialist payment networks and software providers instead of building those connections themselves.

Jeff Althaus, President and Chief Executive Officer of Mozrt, described the tie-up as a step-change for financial institutions.

"The value of connecting to a money movement network such as TerraPay is a game-changer for institutions of all sizes," he said.

"Working together with TerraPay and Terrabank is a perfect example of how modern global payments are supposed to work," Althaus added.

Client focus

Terrabank said the partnership supports its effort to broaden international banking services while maintaining its relationship-based model. The bank serves South Florida's business sector from its headquarters in Coral Gables and offers digital banking services alongside its branch network.

Antonio Uribe, President and Chief Executive Officer of Terrabank, said ease of use for customers was the priority. "Our ultimate goal is to make payments as seamless and intuitive as possible for our clients," he said.

"Integrating TerraPay's global network of accounts and digital wallets into our existing Mozrt SmartRails platform strengthens our international payment capabilities and expands the options available to them," Uribe added.

TerraPay said the arrangement gives Terrabank access to payment corridors that would otherwise require individual correspondent banking relationships and technical work across multiple jurisdictions. That is a notable issue for smaller banks seeking broader international coverage without the cost and complexity of building direct links market by market.

Ralph Koker, Head of Europe and Americas at TerraPay, highlighted the scale of the network now available to Terrabank. "Terrabank's ambition for its customers is exactly why we built TerraPay's network the way we did," he said.

"This partnership gives Terrabank instant access to 156+ countries and payment corridors, turning what used to be days of correspondent banking negotiations into a single integration. That's the kind of reach we strive to deliver to banks, and we are excited about this partnership because it is close to our vision," Koker added.