UK-based TerraPay has announced a strategic partnership with Toronto’s Paramount Commerce to enable real-time payouts to Canadian bank accounts via Interac e-Transfer for Business.
The collaboration marks a major advancement in international money movement, improving speed, transparency, and cost-efficiency for cross-border payments into Canada.
Through this agreement, TerraPay’s global network of money transfer operators can now offer instant, secure transfers directly to Canadian recipients, leveraging Paramount’s real-time payment infrastructure. The system operates 24/7, delivering funds in seconds and eliminating the delays of traditional batch processing.
“Canada’s growing fintech sector and digital banking adoption create opportunities for new payment solutions and partnerships,” said Hassan Chatila, Vice President and Global Head of Network at TerraPay. “By utilizing Paramount Commerce’s real-time payout capabilities, we are setting a new standard for cost efficiency, speed, and transparency in international money transfers to Canada.”
The partnership comes amid a broader transformation of the Canadian payments landscape, driven by open APIs and increased demand for seamless global interoperability. Paramount’s infrastructure is designed to meet these needs, enabling embedded financial services across industries.
“Our collaboration with TerraPay underscores our commitment to driving innovation in international remittance payments,” added Sereena Boparai, Chief Revenue Officer at Paramount Commerce. “We’re enabling a more seamless and transparent payment experience for customers sending and receiving money in Canada.”
Future phases of the partnership are expected to expand beyond personal remittances, with potential applications in payroll, travel, and digital content payouts.
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