COUNTRY FOCUS : COLOMBIA
This partnership will allow us to transform the way we deliver remittances and further empower Colombians to better manage their money .
done in recent years globally . We look forward to work with TerraPay to bring our advanced financial services to millions of people in Colombia .”
TerraPay and Bancolombia
Bancolombia and TerraPay have signed a contract to strengthen cross-border remittances across Colombia .
Bancolombia is Colombia ’ s largest player of remittances .
As part of their collective commitment to enhance financial inclusion , the two companies intend to enable seamless cross-border transfers , connecting Colombians living away from home with secure , innovative , real-time solutions to send funds back .
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 and reach exponentially – 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 US $ 9,429 million that arrived in the country , the entity paid US $ 5,692 . This new agreement with TerraPay will multiply these flows , especially with an ally capable of innovating with its solutions and infrastructure ,” said Cristina Arrastía , Vice President of Business , 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 .”
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 .
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 , 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 . p
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