Terra, a mobile-first international payment network, incubated by Mahindra Comviva, Wednesday launched Terra Pulse to help financial authorities and regulators accurately measure mobile-powered international remittances. Terra provides the rails for international transfers by interconnecting digital wallet service providers, foreign exchange houses and remittance companies.
As a regulated entity, Terra says that it maintains an audit trail of all inbound and outbound transactions processed by its network. Central regulators and financial reporting agencies benefit from a single view of transactions originating or leaving their respective countries, with an option to obtain a drill down view at a per corridor, partner and customer level.
In addition, Terra Pulse via APIs can enable partners, in particular smaller, local remittance companies to comply with in-country reporting regulations as well as understand performance trends.
Ambar Sur, Founder and CEO Terra
In the next three years, the mobile would emerge as the dominant channel for cross-border transfers. Terra is defining the standards for mobile-powered international payments. The problem associated with data compilation is real, and no country has found a perfect solution. Terra addresses the need for a reliable data source by enforcing network-wide standards for counting, data compilation and reporting.
