Bancolombia and TerraPay sign contract to strengthen cross-border remittances across Colombia
MEDELLÍN, Colombia, Oct. 8, 2023 /PRNewswire/ — TerraPay, a leading global payments network and Bancolombia, Colombia’s largest player of remittances announced the signing of their contract. As part of their collective commitment to enhance financial inclusion, the two companies will enable seamless cross-border transfers, connecting 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.
“It is not a minor figure: thanks to these agreements, Bancolombia is positioned as the largest payer of remittances in Colombia. In 2022 alone, of the USD 9,429 million that arrived in the country, the entity paid USD 5,692. This new agreement with TerraPay will multiply these flows, especially with an ally capable of innovating with its solutions and infrastructure,” says Cristina Arrastía, Vice President of Business at Bancolombia.
However, she adds, “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.”
It is expected that this new alliance between Bancolombia and TerraPay will maximize 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.
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.”
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.
“The impact of his delivery promise would undoubtedly increase the level of satisfaction of Colombians, especially those who have an account in Bancolombia and need this service,” concludes Cristina Arrastía, who recalls that, according to studies developed by Bancolombia, 36% of the resources that arrive from abroad are used in the country to sustain households, while 13% is directed to the payment of obligations, 7% to expenses in health and well-being, 6% to fashion, 5% to food, and 6% to travel and transport.
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 29 global markets and enabling payments to 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
Bancolombia is a financial group with 148 years of history, and with presence in Colombia and Central America. It offers its portfolio of financial and non-financial products and services to more than 29 million customers. It provides, among others, commercial and consumer banking services, stock brokerage, financial leasing, factoring, fiduciary services, asset management, private banking and investment banking. It has declared to promote sustainable development to achieve the well-being of all, seeking to impact the communities of the countries in which it operates.
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