TerraPay has appointed the Former Global Head of Visa Direct, Ruben Salazar Genovez, as its President. Genovez has a background in the payments industry, including stints at Visa, Citibank, Barclays, and Mastercard.

TerraPay Eyes Expansion under Genovez's Leadership

Ambar Sur, the Founder and Chief Executive Officer at TerraPay, mentioned: "Ruben Salazar is an exceptional addition to our leadership team, and we are thrilled to welcome him as President of TerraPay. His deep knowledge of the payments industry, coupled with his proven track record in driving global growth, will be invaluable as we continue to expand our presence worldwide."

According to the press release, Genovez is expected to implement strategies that strengthen TerraPay's position in cross-border money movement and non-traditional payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. TerraPay's Board of Directors expressed confidence in Genovez's ability to drive growth and expand the company's global footprint.

Genovez mentioned: "The founders, the board, and the amazing team at TerraPay have been building the technology and connectivity to offer a global agnostic money movement network and alternative payments capabilities to support seamless cross-border transactions for our partners."

TerraPay's Cross-Border Operations

Headquartered in London, TerraPay facilitates global money movement by providing a single connection to an expansive cross-border payments network.

Last year, the firm partnered with Papara, a fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company based in Turkey. This collaboration aims to provide users with solutions for transferring money across borders. As Turkey's payments sector experiences rapid growth, this alliance signified a pivotal development in facilitating global transactions.

TerraPay reported that Turkey's digital payments sector is poised for significant expansion. With an anticipated growth rate of 15% between 2023 and 2027, this expansion will culminate in a market volume of US $136 billion by 2027.

Besides that, TerraPay secured a Major Payment Institution license from the Monetary Authority of Singapore last year. The license allows the company to offer regulated digital payment token services. With operations spanning over 200 countries, TerraPay's authorization in Singapore strengthened its ability to enhance payment solutions globally.