THE HAGUE, Netherlands, July 19, 2022 /PRNewswire/ — As part of its journey to strengthen and unify the global payments ecosystem, TerraPay, a leading global payments infrastructure company, has partnered with SendMN NBFI. Based on Mongolia, SendMN is a major money transmitter and non-banking financial institution. Through this partnership, the two companies aim to simplify the complexities and address the challenges associated with borderless payments.
The costs of sending cross-border payments are really high, slow and insecure. This partnership is a step towards realizing both companies’ vision to transform the way Mongolians receive and send real-time payments by giving customers financial independence and inclusion. Customers will be able to receive remittances from key corridors like the UK, US, Austria, Belgium, Czech Republic, France, GermanyKazakhstan Poland, Sweden, Swiss & also allow access to key sending corridors like Australia, Canada, China, Denmark, Japan and UNITED STATES to name a few.
In 2021, Mongolia received a personal payment of US$563.75 million. SWIFT banking transactions received $1.66 billion and sent $2.34 billion. The information also revealed that women make up 53% of all customers, while men make up 47%. About. 59.83% of these transactions relate to payments, family support – approx. 29.67% of these transactions are followed by tuition & medical expenses. Early March, late August and mid-December are the busiest times of the year for such transactions. Mongolia remittances should evolve around $17 Million in 2023* & thanks to this collaboration, both TerraPay and SendMN aim to route every transaction to Mongolia of Australia, United Statesand the countries of the European Union through SendMN to customer accounts. They will facilitate P2P, P2B, B2P and B2B transactions that will enable Diaspora residents around the world to conduct low-cost, real-time transactions with beneficiaries in Mongolia using TerraPay’s state-of-the-art interoperability engine to send global payments on a scalable, secure, transparent and efficient platform.
Sharing more about the highlights of the partnership, Sheshagiri (Sukesh) Malliah, Regional Manager – APAC, TerraPay, said: “We are delighted to embark SendMN as a trusted partner in Mongolia. This is a key market with enormous potential and this association will enable TerraPay to deploy its outstanding technical solutions globally and cultivate affinity among Mongolian residents around the world by providing them with fast and seamless borderless payment options. affordable. Additionally, this association will allow us to showcase our technological prowess and innovative platform technology to our Mongolian customers by providing them with efficient, scalable and affordable ways to send and receive real-time payments to their loved ones. Through transparency and real-time credits driven by industry compliance standards, we believe we will strengthen the remittance ecosystem of Mongolia over time, continuing our mission of creating cashless economies.”
“It is a privilege for ‘SendMN’ to collaborate with TerraPay, the world leader in payment infrastructure. Our collaboration will help us to retain our customers by providing cost-effective and reliable transactions at the speed of light. This will further boost the inflow and remittances and promote socio-economic development in the fast growing economy of Mongolia and encourage more users to adopt digital payments by digitally connecting major remittance corridors via a convenient and affordable route. We look forward to a fruitful collaboration,” commented Turbold Batbold, CEO of SendMN
Based at The Netherlands, TerraPay believes that the smallest payment deserves borderless travel as secure as the largest. The company has built an ever-expanding payments highway that enables businesses to create seamless customer experiences with uninterrupted, secure, real-time global passage for every payment, no matter how small or large. Registered and regulated in 26 global markets, TerraPay is a leading global partner for banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a larger and more inclusive international financial ecosystem. With access to a payment infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.
For more information, please visit terrapay.com
Senior Manager, Corporate Communications
“SendMN” NBFI is the n°1 money transmitter in Mongolia and was founded in 2016, with the goal of providing customers with the cheapest and most convenient way to send money around the world. We operate the following services for our customers: remittance, currency exchange and loans. At the end of 2020, we launched our “SendMN” international money transfer mobile application. SendMN customers can send or receive transactions on their accounts at any Mongolian bank, and we send and receive transactions in USD, EUR, RUB, GBP, KRW and CNY to and from over 160 countries.
For more information, please visit send.mn
Marketing Manager, SendMN