TerraPay and Bancolombia have signed a contract to strengthen cross-border remittances across Colombia. As part of their collective commitment to enhance financial inclusion, the two companies will enable seamless cross-border transfers. The new partnership will look to connect Colombians living away from home with secure, innovative, real-time solutions to send funds to their loved ones in Colombia.
TerraPay’s reach and agile infrastructure, connecting 100 remittance companies in the world, enabling the flow of payments between 200+ send countries and 120+ receive countries, is set to strengthen the domestic remittance market. At the same time, leveraging TerraPay’s innovative payment solutions will enhance Bancolombia’s capabilities & reach exponentially, keeping in mind that today it has agreements with 17 remittance companies, with a scope of 125 sending countries.
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Cristina Arrastía, Vice President of Business at Bancolombia: “Beyond the growth in the way of receiving money, the greatest impact will be on people, especially those Colombians who have a family member abroad, from whom they receive resources for their sustenance in Colombia. Colombians themselves in other countries will also benefit due to the number of channels they will have available to move money to the country.”
Maximise the entry of money
It is expected that this new alliance between Bancolombia and TerraPay will maximise the entry of money into the country from the United States, England, Spain and other countries in Europe. Also from various nations in Asia and Africa. Today, TerraPay powers the frictionless global movement of money in more than 7.5 billion bank accounts, through more than 2.1 billion mobile wallets, while ensuring that over 97% of its transactions are delivered in less than a minute.
Paula Andrea Valle, Director, South America, TerraPay said: “The agreement between the two companies is extremely important. Bancolombia currently has the largest share of the remittance market, which for us means reaching this market the right way with the right partner. The arrival of TerraPay in the country represents ease and effectiveness in the flow of resources globally. TerraPay is the only payments network to have 29 licenses and regulatory approvals globally, along with real-time transaction and risk monitoring capabilities, allowing us to ensure 100% compliance.”
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