MEDELLÍN, Colombia, October 8, 2023 /PRNewswire/ -- TerraPay, a leading global payments network, and Bancolombia, Colombia's largest remittance agent, announced the signing of their contract. As part of their collective commitment to improve financial inclusion, the two companies will enable seamless cross-border transfers, connecting Colombians living away from home with secure, innovative and real-time solutions to send funds to their loved ones in Colombia.
TerraPay's reach and agile infrastructure, which connects 100 remittance companies around the world and enables the flow of payments between more than 200 sending countries and more than 120 receiving countries, will strengthen the domestic remittance market. At the same time, leveraging TerraPay's innovative payment solutions will improve Bancolombia's capabilities and reach exponentially, taking into account that today it has agreements with 17 remittance companies, with a reach of 125 sending countries.
"It is not a small figure: thanks to these agreements, Bancolombia is positioned as the largest payer of remittances in Colombia. In 2022 alone, of the 9,429 million US dollars that arrived in the country, the entity paid 5,692 US dollars. This new agreement with TerraPay will multiply these flows, especially with an ally capable of innovating with its solutions and infrastructure," highlighted Cristina Arrastía, vice president of Business at Bancolombia.
However, he added: "Beyond the growth in the way of receiving money, the greatest impact will be on people, especially on those Colombians who have a family member abroad, from whom they receive resources for their livelihood in Colombia. The Colombians themselves in other countries. They will also benefit from the number of channels they will have available to move money into the country."
This new alliance between Bancolombia and TerraPay is expected to maximize the entry of money into the country from the United States, England, Spain and other European countries. Also from several nations in Asia and Africa.
Paula Andrea Valle, director for South America at TerraPay, stated: "The agreement between the two companies is extremely important. Bancolombia currently has the largest share in the remittance market, which for us means reaching this market in the right way with the suitable partner. The arrival of TerraPay in the country represents ease and effectiveness in the flow of resources globally, TerraPay is the only payment network that has 29 licenses and regulatory approvals globally, along with risk and transaction monitoring capabilities in real time, allowing us to ensure 100% compliance.
Today, TerraPay powers the frictionless global movement of money into over 7.5 billion bank accounts, through over 2.1 billion mobile wallets, while ensuring over 97% of your transactions are delivered in less than one minute.
"The impact of its delivery promise would undoubtedly increase the level of satisfaction of Colombians, especially those who have an account at Bancolombia and need this service," concluded Cristina Arrastía, who recalls that, according to studies carried out by Bancolombia, 36 % of the resources that come from abroad are used in the country to support households, while 13% goes to paying obligations, 7% to expenses on health and well-being, 6% to fashion, 5% to food and 6% to travel and transportation.
About TerraPay
TerraPay simplifies the movement of money everywhere: providing a single connection to the largest cross-border payments network regulated in 29 global markets and enabling payments to 120+ receiving countries, 210+ issuing countries, 7.5 billion+ bank accounts and more than 2.1 billion 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 of global businesses, from banks, fintechs and money transfer operators to travel companies, creative 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, Johannesburg, 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.
About Bancolombia
Bancolombia is a financial group with 148 years of history, and with a 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, trust services, asset management, private banking and investment banking. It has declared to promote sustainable development to achieve the well-being of all, with the aim of producing an impact in the communities of the countries in which it operates.
Contact
Juveria Samrinjuveria.n@terrapay.com
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