National Bank of Bahrain (NBB) has partnered with TerraPay to expand its international payout services.

Under the agreement, the bank will use its existing Swift link to access TerraPay’s network.

This network spans bank accounts, digital wallets and local payment systems. TerraPay says it covers more than 12 billion endpoints.

NBB will provide its banking infrastructure, client relationships and regional expertise. TerraPay, in turn, will supply its payout network.

The two firms aim to simplify cross-border payouts and offer NBB clients more payment destinations.

In addition, TerraPay can receive Swift messages in ISO 20022, the global standard for financial messaging.

It then delivers these transfers in real time. According to the companies, clients will have full transparency, with no deductions from the principal amount.

Banks that adopt this model use their current Swift systems and RMA key exchange.

This process sets which counterparties a bank can exchange messages with. As a result, banks can join TerraPay’s network without building direct links in each market.

TerraPay states that this reduces technical complexity and helps banks open new payout corridors faster.

“Through TerraPay, we see an opportunity to connect our customers in Bahrain and the region with a wider range of payment destinations, supporting their growth as their requirements become more global,”

said Vineet Munot, Group Head of Transaction Banking at NBB.

“Banks want to extend their international payment reach without having to build and maintain separate connections into every market, wallet and local payment system,”

said Ani Sane, Co-Founder and Chief Business Officer at TerraPay.

Featured image: Edited by Fintech News UAE, based on image by meshcube via Magnific.