Trust Bank, a leading private commercial bank in Bangladesh and TerraPay, a global money movement company, have partnered to offer an innovative payment solution for all students in Bangladesh. This first-of-its-kind initiative is an alternative to the traditional payment system, reshaping how Bangladeshi students pay tuition fees and manage living expenses while studying abroad. By leveraging TerraPay’s global payment infrastructure, the solution offers a secure, completely digital, and frictionless process for international transactions, addressing the increasing demand for faster, more efficient cross-border payments.
With regulatory frameworks favoring student-related payments, this collaboration between Trust Bank and TerraPay provides students and their families a faster, streamlined solution to pay tuition fees and manage living expenses abroad without the delays associated with traditional processes.
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In 2023, over 52,799 Bangladeshi students studied abroad, according to UNESCO. The number of Bangladeshi students studying abroad has been increasing over the years. Traditionally, these students and their families relied on cumbersome and costly payment transactions. With TerraPay, Trust Bank ensures faster processing times, real-time transaction tracking, competitive exchange rates, and full transparency. The platform empowers users to send tuition fees and living expenses securely to educational institutions and student bank accounts in major destinations like the USA, UK, Canada, Australia, Germany, Japan, and South Korea.
For Trust Bank, this partnership represents a leap forward in delivering customer-centric services that cater to the modern needs of Bangladeshi families. Through TerraPay’s advanced APIs and web-based platform, banks can monitor real-time transaction statuses 24/7, offering an unparalleled level of transparency and control. With 90% of payments delivered within 1 minute globally, TerraPay’s infrastructure sets a new standard for speed and reliability in international payments. Furthermore, the cost-effective model—free from hidden backend charges—allows Trust Bank to provide competitive pricing to its customers while significantly reducing operational complexities.
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This collaboration marks a historic milestone as it is the first time Bangladesh Bank has approved a partnership between a local bank and a licensed Payment Service Provider (PSP) for processing student-related payments. Fully compliant with regulatory directives, the solution not only ensures secure transactions but also facilitates financial inclusivity by making digital payments accessible to all.
Speaking on this transformative initiative, Ahsan Zaman Chowdhury, Managing Director of Trust Bank, said, “This partnership underscores our commitment to innovation and customer satisfaction. By collaborating with TerraPay, we are not only simplifying the payment process for students but also setting a new benchmark for international banking solutions in Bangladesh.”
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Echoing this sentiment, Ani Sane, Co-Founder and Chief Business Officer at TerraPay, stated, “Our partnership with Trust Bank is a testament to the power of collaboration in driving financial inclusion and innovation. We are thrilled to bring our global payment expertise to Bangladesh, enabling students and their families to make education payments abroad with ease and confidence.”
Trust Bank and TerraPay are paving the way for a more connected, efficient, and transparent financial future for Bangladeshi students and their families.
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Source: prnewswire
