TPBank expands real-time international money transfers through the TerraPay network

TPBank customers now have more options for transferring international funds in near real-time to over 150 countries after the bank officially partnered with TerraPay – a global payment platform connecting billions of bank accounts and e-wallets.

On July 15th, Tien Phong Commercial Joint Stock Bank (TPBank) and TerraPay officially signed a cooperation agreement to deploy international money transfer services. This event marks a new step in TPBank's strategy to expand its global payment ecosystem, while also providing customers with another fast, convenient, and secure cross-border transaction solution.

The signing ceremony between TPBank and TerraPay took place on the morning of July 15th.

Direct money transfers between accounts in just minutes

According to the cooperation agreement, TPBank will deploy a two-way money transfer service between Vietnam and countries around the world on TerraPay's platform. The service supports direct money transfers from bank account to bank account (account-to-account) and from bank account to e-wallet (account-to-wallet), with near real-time processing times across supported payment gateways.

The connection between TPBank and TerraPay is implemented in full compliance with current regulations and has been reported to the State Bank of Vietnam. Money transfer transactions are strictly controlled throughout the processing, ensuring safety and compliance with foreign exchange management and anti-money laundering requirements.

Unlike traditional international money transfer methods that often involve multiple intermediary banks, this new solution allows money to be transferred directly from the sender's account in Vietnam to the recipient's account or e-wallet abroad. The recipient does not need to go to a branch to receive the money, significantly shortening processing time and enhancing the transaction experience.

The solution is designed to meet the diverse needs of both individual and corporate customers. For individual customers, the service is suitable for transactions such as sending money to relatives, paying tuition fees, living expenses, or other expenses abroad. For businesses, adding international payment methods increases transaction flexibility, optimizes cash flow, and supports cross-border trade.

A payment network covering over 150 countries

To launch the service, TPBank chose to partner with TerraPay – a global fintech company founded in the UK in 2014. TerraPay currently operates a payment network in over 150 countries and territories, connecting billions of bank accounts, e-wallets, and payment cards globally, and supporting transactions in 85 currencies.

A representative from TerraPay stated: "Vietnam has always been considered one of the most dynamic remittance and trade markets in the region. Partnering with TPBank – a pioneering bank in technological innovation – is a significant milestone for TerraPay in expanding its presence in Vietnam. By connecting TPBank's digital infrastructure with TerraPay's global payment network, we expect to provide individuals and businesses with seamless, secure, and near-real-time cross-border payment experiences."

Initially, the service will be rolled out in markets with high demand for remittances to Vietnam, such as the United States, the United Kingdom, Canada, Australia, European countries, South Korea, Hong Kong, and Japan. These are all markets with large Vietnamese communities and vibrant trade and investment activities with Vietnam.

In the coming period, TPBank plans to continue expanding its services to potential markets such as the Middle East, India, and Thailand, contributing to diversifying international payment corridors and providing more transaction options for customers.

A TPBank representative shared: "The cooperation with TerraPay helps TPBank add a wide-ranging and high-speed international payment connection infrastructure, thereby expanding its ability to serve individual and corporate customers with increasingly large cross-border transaction needs. This is also a step in the strategy of developing a digital financial ecosystem, providing a fast, convenient, and secure payment experience on TPBank's transaction channels."

The addition of TerraPay's payment infrastructure not only expands TPBank's international connectivity capacity but also contributes to enhancing the cross-border transaction experience for customers, with wider access, faster processing times, and more payment options to suit the needs of different customer groups.