UK-based payment service provider TerraPay has entered a strategic collaboration with VM Money Transfer Services (VMTS) in a bid to increase financial inclusion in Jamaica. As part of their partnership, VMTS and TerraPay intend to enhance financial inclusion and increase the availability of remittance services to Jamaicans globally.

As VMTS supports money transfers worldwide to customers sending funds from Jamaica from Europe, the US, the US, Canada, the Cayman Islands, and Turks and Caicos, the current announcement allows the company to access TerraPay’s online platform, enabling it to provide convenient cross-border transfers for customers sending and receiving money across nearly 31 markets worldwide. TerraPay and VMTS’ plans and objectives According to VMTS’s officials, the collaboration is set to increase the capabilities of the company’s operations as it continues to advance its commitment to constantly enhancing service delivery to its clients. By leveraging TerraPay’s network, VMTS aims to broaden its reach and enter additional markets, while maintaining increased support to its customers and enabling them with efficient and secure channels for their money transfer requirements.

Moreover, representatives from TerraPay underlined that the strategic alliance focuses on driving efficiency in cross-border payments and providing improved remittance experience for Jamaicans globally. By joining forces, the two companies intend to provide an improved remittance experience for Jamaicans, while strengthening their connections with loved ones and contributing to the economic advancement of the region.  In addition to the expanded service via TerraPay, VMTS’ customers maintained the flexibility of having their money deposited directly to their Jamaican bank account through VMTS’ Direct to Bank Service. Also, customers can collect their remittances in Jamaica from the company’s 70 sub-agents, eight VM Money Express locations, and 16 VM Building Society branches. .