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Global money movement firm TerraPay has announced the launch of Xend, a new network designed to improve interoperability between digital wallets, banks and cards.
TerraPay said Xend functions as an infrastructure layer that lets wallet users transact with more than 11,500 banks through the Swift network and make payments at about 150 million merchant locations worldwide.
These services can be accessed through existing wallet apps without requiring complex bilateral connections.
The company said Xend is already live with more than 200 million wallet users and is able to scale across 3.7 billion wallet endpoints.
The network is intended to support real-time access to banks, merchants and other wallets globally.
The launch event in Dubai brought together payment firms, mobile money providers and wallet operators.
TerraPay said Xend is designed to connect domestic wallets to the formal financial system by extending their international reach.
According to the company, the network also aims to give wallet providers the ability to offer instant and compliant payment services across banks, cards and wallets.
Ambar Sur
“In mobile networks, roaming transformed how people connected, it made communication borderless. With Xend, we’re bringing that same freedom to money movement.
We want every wallet to roam globally, just like mobile phones do, to pay, receive, and spend anywhere, without friction or boundaries. By partnering with Swift, we’re building a truly open and interoperable financial fabric that connects the digital economy to the formal financial system – at scale.”
said Ambar Sur, Founder & CEO, TerraPay.
“Swift has long championed interoperability as a cornerstone of global financial connectivity.
Working with TerraPay aligns with our mission to enable instant, secure, and inclusive cross-border transactions, bringing the power of the Swift network to millions of wallet users worldwide.”
said Juan Martinez, Global Head of Payments Services, Swift.
Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik