TerraPay Taps Kinexys to Reduce Cross-Border Payment Errors
TerraPay has partnered with Kinexys by J.P. Morgan to integrate its TerraPay Verify service into Kinexys Liink’s Confirm application. This collaboration aims to help banks and payment firms verify recipient details across bank accounts and digital wallets before transferring funds internationally, thereby reducing payment errors, delays, and associated costs.
The partnership integrates TerraPay Verify, a service that checks bank account and digital wallet details across multiple markets, directly into Kinexys Liink’s Confirm application. This means financial institutions already on the Kinexys Liink network can now access TerraPay’s verification capabilities through an existing channel.
The primary operational benefit cited by the companies is the ability to identify incorrect recipient information before a payment is initiated. Paul Atkinson, Head of Kinexys Liink Product, stated this is intended to improve control and help reduce payment fraud throughout the cross-border payment lifecycle. David Backshall, VP of Payment Partnerships at TerraPay, added that the collaboration extends the global reach of TerraPay Verify to more institutions.
The expected outcome for institutions is a reduction in failed transactions, delays, and additional costs that arise from incorrect payment details. It aims to improve payment certainty and reduce avoidable exceptions, potentially leading to a better customer experience by preventing issues before they occur.
