Payments

Terrapay partners with Bancolombia for cross-border remittances

Photo: Adobe Stock

October 17, 2023

Terrapay, a global payments network, partnered with Bancolombia, a remittances company in Columbia, to offer cross-border transfers for residents to send money to family and friends in Colombia. Terrapay connects to 100 remittance companies and enables payments to flow between more than 200 sending countries and more than 120 receiving countries, according to a press release.

"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," Cristina Arrastia, VP of business at Bancolombia, said in the release.

"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," Paula Andrea Valle, director, South America, Terrapay, said in the release. "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."