# PAGA Case: TerraPay Streamlining global payouts for Silent Roar Media, a music distribution & Talent Agency based out of UAE ### PAGA Case:TerraPay Streamlining global payouts for Silent Roar Media, a music distribution & Talent Agency based out of UAE ## Description With the aim of simplifying cross-border payments for global businesses, TerraPay built its payment infrastructure to support interoperability across the spectrum. With a single connection to the network, customers get access to a global payments infrastructure that allows them to move funds across borders in a secure, instant, and seamless manner without worrying about high transaction fees, complicated paperwork, battling money-laundering and fraud risks, ensuring compliance checks, or delays. TerraPay’s payout solution is designed to enable businesses to make cost-effective, transparent, real-time payments to their global network of vendors, suppliers, merchants, and customers across 125+ countries. The network currently includes 125 ‘receive’ and over 200 ‘send’ countries but it is expanding across LATAM and MENA regions, adding new partners and opening up new corridors, with the aim of expanding global coverage to 175 receiving countries by the end of 2024. TerraPay & Silent Roar: By leveraging TerraPay's network and payout capabilities, Silent Roar Media and its growing clientele benefited from instant, affordable, and secure payments. Prior to partnering with TerraPay, Silent Roar Media was unable to process royalty payouts unless they reached the minimum threshold of $250 or more in value due to high transaction fees and other constraints. The essence of the creator economy lies in the benefit of sending small payments in a timely manner directly to the creators using their preferred mode of payment. With the existing model, SRM was unable to manage the payments in an efficient manner and incurred many transaction fees. While musicians and content creators use the benefit of decreased unit economy to produce the content, the resulting revenue had to reach them monthly, and instantly at that. Many times, creators based in remote areas did not have the advantage of a standard banking system, which further prolonged the process, with amounts as small as $100 reaching them after 4-5 days, sometimes even more than a week. On top of that, the processing fee charged by conventional banks was somewhere between $20-$40, sometimes reaching up to $70 depending on the destination, which made it unfair to these small cogs in the creator economy. With TerraPay, the threshold for outgoing royalties has dropped to as low as $50. Also, in cases where the receiver did not have the facility of a traditional banking system, Silent Roar Media was able to pay directly to their mobile wallets. This made a huge difference to artists & content creators who rely on these royalties as their sole income. Additionally, TerraPay also enabled Silent Roar Media to seamlessly process salaries to their employees across Pakistan, Nepal, India, and Bangladesh. ### Territory Currently, Silent Roar Media distributes music on 100+ platforms across 200+ territories, globally. TerraPay enabled them to seamlessly process: Salaries to their employees across India, Nepal, Pakistan, and the US Royalties to their artists & content creators across Pakistan, India, US, Canada, Nepal, Bangladesh and the EU ### Participants TerraPay and Silent Roar Media, a leading royalty-based music distribution company ### Year of introduction 2023 ## Impact Since going live with TerraPay in November 2023, Silent Roar Media witnessed their overall transaction volumes exceed $1 million, saw a great increase in their operational efficiency by reducing end-to-end transaction time from days to few minutes, and saw significant financial benefits with bank charges drastically reduced by 80% Silent Roar Media leveraged TerraPay’s network and sophisticated technology to help its customers with reliable payments that break down barriers of time-consuming processes, complexities, and the cost of conducting global business – positively impacting customer experiences. For example, the payment processing speed on TerraPay’s platform has been so quick that their client received calls from pleasantly surprised artists & content creators who were delighted to receive their royalties in a matter of minutes instead of days! TerraPay enables frictionless payments across the globe, reaching 3.7 billion mobile wallets and 7.5 billion bank accounts. More than 97% of the payments processed on TerraPay’s platform are completed in less than 60 seconds. The network supports instant borderless payments to send, receive, and collect money worldwide. Their in-house treasury team streamlines back-office functions, enabling customers to move money across borders faster. TerraPay delivers small and large payments with the same procedures, thereby expanding access to even the most inaccessible markets, including a wallet network of over 2.4 billion users. Payments are delivered at a 99.97% success rate, and TerraPay is committed to quickly resolving any pending transactions. TerraPay offers real-time transaction monitoring and transparent pricing (per-transaction fees) at lower costs than traditional payment methods. TerraPay holds regulatory approvals and licensing in 31 global markets (i.e., over 60 countries), enabling it to handle the complex compliance hurdles associated with cross-border payments on behalf of its partner banks and customers. ## Lessons Learned Ensure funds are delivered as close to real-time as possible.The service should offer a large payout footprint in terms of countries, payment instruments and currencies in which payments can be done. The service should be designed to be cost-effective even for small value (e.g. $10) transactions. Documentation requirements for processing such transactions should be minimal and standardized across payout countries and instruments as far as possible. This enables service providers to design digital, real-time solutions reducing risks and complications.Service should be flexible to process small as well as large business payments. Service should be capable of being integrated into ERP or Financial/Accounting systems of enterprises. ## Challenges solved High transaction cost for business payments. Onerous documentation requirements and technical capability challenges in fulfilling such requirements. Most services are designed for and are commercially viable for large value transactions. Services are typically designed for businesses, countries, and currencies used/prevalent in high-income countries, which are unsuitable for small and medium enterprises in middle and low-income countries where payments in local currencies and payment instruments such as mobile wallets can be more convenient. ## Submitter Juveria Samrin Global Head of Marketing DisclaimerThe information and examples presented herein are provided for informational purposes only and do not represent the official position or views of the World Economic Forum or the IDB Lab. The World Economic Forum and the IDB Lab do not endorse, recommend, or advocate for the implementation of any specific practices, policies, or approaches described. Rather, this content simply showcases examples and perspectives shared by members of our PAGA Community.