Terra, which dubs itself as a mobile-first international network for low-value remittances, launched Terra Connect, an API suite to enable mobile wallet providers to offer what the company calls affordable, accessible international remittance products to maximize global reach.
Terra said in a press release it provides the rails to carry cross-border peer to peer traffic by interconnecting discrete mobile wallet systems. The Connect API suite offers remittance service providers a single access point to plug into the Terra network to send and receive funds to and from any mobile wallet account. In comparison with current bilateral models, Terra said the API takes away the complexity of integrating with multiple partners by offering a standardized, reusable technical framework to service providers to interface with new counterparties.
Terra said participants benefit in terms of improved time to revenue and lowered developmental costs due to uniform network-wide processes and capabilities to connect to any partner. End users benefit as they can exchange money as quickly, easily and cheaply as sending a text message.
“The mobile wave for international remittance growth is just beginning,” Ambar Sur, founder and CEO of Terra, said in a statement. “An increasing number of mobile wallet providers are now ready to open networks and make low-value international payments an integral part of their businesses. Connect simplifies cross-border payments by providing a standardized, off the shelf operating environment for all mobile wallet service providers wishing to offer affordable, secure and reliable transnational payment products faster to their consumers.”
Source: Mobile Payments Today