Partnerships are as crucial in the cryptocurrency industry as they are anywhere else. Bank Alfalah is partnering with TerraPay. This news is significant, as it can have major repercussions for the XRP ecosystem.
Bank Alfalah and TerraPay
The new partnership between this global payments infrastructure and the Pakistani bank is crucial for many reasons. First of all, overseas Pakistanis can instantly deposit money to any amount in Pakistan. This is made possible thanks to TerraPay’s partner network
Bringing this extra functionality to the region is a major development. Bank Alfalah has been looking for ways to make life easier for overseas partners. Particularly money transfer operators will benefit from this new functionality. Cross-border remittances remain an industry that needs to be digitized and made cheaper. So far, that has proven to be difficult.
For the Pakistani bank, enabling smarter and faster ways to send money to Pakistan is a top priority. Tapping TerraPay is a smart decision in this regard. The company is positioning itself as a global partner for leading banks, money transfer operators, and financial institutions.
In this modern day and age, digital transactions should be possible without dealing with artificial country borders. That is often much easier said than done. TerraPay has built up a strong network with other partners to provide secure and scalable technology solutions. With a strong focus on remittances and cross-border payments, TerraPay has made a name for itself in several dozen countries.
Potential Benefits to Ripple
Cryptocurrency enthusiasts may know TerraPay as a partner of Ripple. The global payments platform was acquired earlier this year by a consortium of investors. This further confirms that the company is checking a lot of the right boxes in the finance sector.
The big question is what the partnership with bank Alfalah means for Ripple and XRP. It is possible that this asset and technology will be used for transfers to Pakistani banks. This has not been confirmed at this stage, however. To make transactions faster and cheaper, using the XRP Ledger would certainly make a lot of sense.
If this is not the case, the partnership can still be beneficial to Ripple. Having one of its partners enter the Pakistani market can open a lot of new doors. It would not be the first venture of Ripple in Pakistan either. Faysal Bank was one of the first domestic institutions to embrace RippleNet. Further strengthening ties in this region is always worth exploring.