TerraPay Collaborates with J.P. Morgan's Kinexys for Enhanced Global Payee Verification

TerraPay has announced a partnership with J.P. Morgan's Kinexys by integrating its TerraPay Verify solution into the Kinexys Liink network. This collaboration enhances the verification of bank accounts and digital wallets globally, aiming to improve payment accuracy and trust in cross-border transactions.

By joining forces, both bank and non-bank financial institutions connected to the Kinexys Liink network benefit from TerraPay Verify's capabilities. This move helps to reduce payment failures, which, according to LexisNexis Risk Solutions, affect 10-15% of international transactions due to incorrect beneficiary details.

The partnership supports the G20 roadmap for better cross-border payments and enhances TerraPay's reach, reinforcing its commitment to interoperable payment infrastructure. It aims to mitigate fraud and operational costs while improving the customer experience through seamless transaction processes.