In order to provide worldwide remittances and other payment services between various currencies and countries, TerraPay requires a global payout network, which the new global head of network is responsible with expanding and optimizing.

To fulfill this mandate, Chatila is anticipated to draw on his more than 20 years of expertise handling cross-border payments. In his nine years at Western Union, Chatila is credited with spearheading the expansion of the money transfer service's account payout network. He has held executive positions at Temenos and Earthport, Visa's cross-border payments companies, in the past.

In an effort to provide "transparent and efficient payment solutions" for its partner network, TerraPay claims that its most recent hire will "work closely with internal and external stakeholders to enhance the network's capabilities."

Using TerraPay's network, MultiPass

The bank challenger MultiPass, which just this week established a collaboration with TerraPay, is among the newest partners to join its network.

The UK-based company claims it would use the relationship to "expand its reach to new jurisdictions and local payouts in multiple currencies" by having access to TerraPay's payments network.

Under the Dyninno Group, MultiPass offers its business clients foreign exchange services, corporate card programs, and multi-currency accounts. In addition, it provides a multi-currency IBAN for its customer products in addition to local accounts in the US, UK, and EU.

The challenger's relationship with TerraPay will expand its services to 144 receive countries, over 210 send countries, 7.5 billion bank accounts, and 2.1 billion mobile wallets, while still covering more than 70 currencies and 200 worldwide payment destinations.

Furthermore, MultiPass claims to have just submitted an application to the Dubai Financial Services Authority (DFSA) in the United Arab Emirates for a financial services license. With "the in-principle approval" in hand, it says it will "launch operations very soon."

The Monetary Authority of Singapore (MAS) granted TerraPay authorization as a Major Payment Institution (MPI) last month, and the company is now celebrating regulatory clearance of its own.