Bancolombia and TerraPay to strengthen cross-border remittances

By Delisha Fernandes

TerraPay, a global payments network and Bancolombia, a remittance provider in Colombia, has announced the signing of their contract. This partnership aims 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.

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’s innovative payment solutions will enhance Bancolombia’s capabilities & reach exponentially, keeping in mind that it has agreements with 17 remittance companies, with a scope of 125 sending countries. 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.

Cristina Arrastía, Vice President of Business at Bancolombia, said, “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 $9,429 million that arrived in the country, the entity paid $5,692 million. This new agreement with TerraPay will multiply these flows, especially with an ally capable of innovating with its solutions and infrastructure. 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.”