Following the commitment to optimise financial inclusion, both companies are set to enable secure and efficient cross-border transfers in order to provide Colombian customers around the world with the capability to leverage real-time, safe, and fast solutions to send funds to families, loved ones, and friends back home.
TerraPay’s infrastructure and set of tools will strengthen the domestic remittance market and improve Bancolombia’s portfolio of financial and non-financial products, as well as its overall reach exponentially. In addition, the partnership will focus on maximising the entry of money into the country from multiple geographic regions around the world, such as the US, Europe, Asia, and Africa.
UK-based company TerraPay offers its users and clients a secure payments network that seeks to give businesses the possibility to design transparent customer experiences with a safe, uninterrupted, and real-time global passage for each transaction. The institution had multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world.
At the beginning of September 2023, the company announced its strategic deal with Bangladesh-based mobile financial services provider Nagad in order to enable clients access to cross-border money transfers.
Throughout this partnership, the firms aimed to improve the overall landscape of cross-border remittances by providing swift, efficient, and secure methods for customers to remit their money to their families, loved ones, and acquaintances back home. Nagad was set to connect with TerraPay’s network presence around the world and to ensure a 24/7 available service throughout the year.
Earlier in August 2023, TerraPay announced that it had secured an Electronic Money Institution (EMI) license in order to operate in the region of Italy. The company obtained the license from the Bank of Italy and it planned to expand its operations and capabilities across the country. Subsequently, TerraPay also was set to expand throughout the 27 states of the European Union at the same time.
In addition, the company aimed to use its expertise and approach in the digital payments sector, as well as to develop a positive impact on the overall European market by delivering flexibility and security in terms of money remittance. Through catering to the B2B section, TerraPay partnered and collaborated with other businesses, and was set to use its platform in order to boost digitalisation and to optimise cross-border payments.
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