TerraPay partners with Nequi

Throughout this partnership, the companies will focus on enabling Colombians to receive remittances from their relatives and friends in multiple countries around the world. The process is set to take place by using a single secure and efficient connection. 

Nequi is currently underpinned by TerraPay’s payment technology, and it will allow its clients to access an easy-to-use financial application, without long queues or waiting time, as well as a secure overall payment experience. In addition, the transactions will take place without any additional fees for the beneficiary.

At the same time, the collaboration is set to improve the manner in which users and individuals manage their money, as well as achieve their financial goals in a more accessible and secure way. Nequi will combine its financial expertise with TerraPay’s digital payment services in order to ensure that clients access more financial products (including traditional cross-border payments and remittances channels), as well as improved autonomy over their money, which is set to further drive financial inclusion in the region. 

By using the application of Nequi, users will benefit from immediate access in order to manage the remittances they receive. Afterward, customers will be enabled to use the app to send money, make digital and physical payments, save, organise, and keep an eye on their finance, among others. 

TerraPay’s strategy of development

UK-based company TerraPay provides its clients and customers with a secure payments network that aims to give businesses and firms the possibility to design transparent and secure user experiences with an uninterrupted and real-time global passage for each transaction. The institution announced multiple collaborations and product launches in the last couple of months, covering different geographic areas around the world.

In October 2023, the company teamed up with Airtel Money Tanzania in order to introduce an international remittance solution, which allowed the latter’s customers to transact using their Airtel Money accounts across the region of the United Arab Emirates. To access the cross-border merchants’ payments through TerraPay, clients needed to follow a couple of steps detailed by the company. 

First, they needed to visit any branded merchant location in the USA, and the trader or business was set to initiate transactions at the POS terminal. The Airtel Money users needed to receive a prompt in order to enter their PIN and to confirm the payments, followed by a confirmation received through SMS as the transaction was done. 

At the beginning of the same month, TerraPay announced its strategic partnership with Bancolombia, aiming to strengthen cross-border remittances across the area of Colombia. Following their commitment and plan to optimise financial inclusion in the region, the companies focused on enabling secure and efficient cross-border transfers. The process took place in order to provide Colombian clients settled around the world with the possibility to leverage real-time, secure, and fast services that could be used to send funds to families, friends, and loved ones back home. 

In addition, TerraPay’s products were set to strengthen the overall domestic remittance market and improve Bancolombia’s portfolio of financial and non-financial tools.