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TerraPay Obtains Money Services Business (MSB) License in US

TerraPay, a leading global digital payments infrastructure company announced that, it has now successfully secured money Services business (MSB) license in the state of Florida, the United States.

This license is going to be facilitating the unparalleled and robust cross-border payments infrastructure of the company for the purpose of mobilizing the international remittances from the region in the real-time and at also low costs and also helping them to offer the diverse financial payment services to the partners and the customers of TerraPay across the globe.

With the help of this US License, TerraPay is also aiming to expand the partnership network of the company in the region of the United States for the purpose of facilitating the hassle-free, low-cost, instant transactions in the 96 countries. This MSB license has been a major step towards the goal of TerraPay of becoming a large player in the global cross border payment ecosystem.

With the US license, TerraPay is now having 25 regulatory approval and the local licenses, along with connecting the consumers to the company’s global partner networks across the 192 countries and around 42 settlement currencies.

According to the data from World Bank, the United States has been the most significant source of the country for the remittances across the globe, which has been followed by the United Arab Emirates, Switzerland and Saudi Arabia. The report of the data has also revealed that, the cost of sending money across the international borders has remained high, which has been around an average of 6.4 percent in the first quarter of 2021.