TerraPay, a global payments network known for its agility and vast reach, has partnered with Bancolombia, Colombia’s foremost player in remittances in a bid to revolutionise cross-border remittances in the region.
TerraPay boasts connections with over 100 remittance companies worldwide, facilitating payments between 200+ sending countries and 120+ receiving countries. This collaboration aims to bolster domestic remittances in Colombia, empowering Colombians living abroad to send funds securely and innovatively to their loved ones back home.
The partnership between TerraPay and Bancolombia is driven by a shared commitment to enhance financial inclusion. By leveraging TerraPay’s expansive network and cutting-edge payment solutions, the collaboration seeks to make cross-border transfers seamless, benefiting Colombians both within the country and abroad.
TerraPay is a global leader in cross-border payments, known for its extensive network connecting numerous remittance companies. It enables swift and secure money transfers between a multitude of sending and receiving countries, reaching billions of bank accounts and mobile wallets. TerraPay is dedicated to ensuring 100% compliance and offers real-time transaction monitoring capabilities.
Bancolombia, on the other hand, is Colombia’s largest player in the remittance market. In 2022 alone, the institution processed a staggering USD 5,692 million of the USD 9,429 million that flowed into the country. With agreements in place with 17 remittance companies spanning 125 sending countries, Bancolombia holds a significant position in facilitating cross-border transfers.
The partnership is expected to amplify the influx of funds into Colombia, primarily from the United States, England, Spain, and various European nations, as well as several countries in Asia and Africa. The collaboration aims to enhance the availability of channels for sending money to Colombia, benefitting Colombians both within the country and abroad.
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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