Terrabank Partnered to Modernize Cross-Border Payments
The Miami-based community bank has integrated new technology to reach 156 countries faster.
Updated on Sept. 29, 2026 in Banking
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Terrabank customers can now access an expanded global payment network following a new partnership with TerraPay and Mozrt. The community bank integrated the SmartRails platform to streamline international transfers for local users.
Why it matters
This move aims to reduce costs and increase the speed of international transactions compared to traditional wire transfers. By digitizing its clearing network, the bank hopes to offer more efficient services for those sending funds abroad.
The partnership grants Terrabank users access to 156 countries and payment corridors across the globe. This integration marks a technological expansion for the bank, which has been in operation for four decades.
The players
Terrabank
A Miami-based community bank and affiliate of Grupo Promerica.
TerraPay
A global clearing network provider.
Mozrt
A financial technology firm providing the SmartRails intelligent routing platform.
The details
Terrabank, an affiliate of Grupo Promerica, connected its internal systems to the TerraPay clearing network via Mozrt SmartRails. The platform supports direct pay-to-account transfers and digital wallet deposits while integrating automated AML, OFAC, and fraud-prevention checks. Customers should expect accelerated settlement times for cross-border transactions as these systems go live.
Timeline
September 29, 2026: Terrabank officially announced the partnership.
Beyond the 305
This partnership mirrors a wider industry move away from the traditional, often slower Swift wire network. By adopting modern routing technology, the bank is positioning its cross-border services against long-established global settlement norms.
If you frequently transfer funds internationally, you may notice faster settlement times for your transactions starting now. Check with your branch representative to see if your specific destination country is covered under the new 156-country network.
The takeaway
The bank is prioritizing transaction speed and digital wallet connectivity to remain competitive in the local remittance market. Keep an eye on your next international transfer receipt to track changes in settlement times.
Further reading
For more information on how local institutions are evolving, visit our Banking section.
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