Cobre, a LATAM-based B2B payments platform, has partnered with TerraPay to facilitate international transactions, expecting volumes to grow quickly.
The alliance will enable companies to receive and send money easily across borders, with faster settlement times, compliant operations, and lower operational complexity. Connecting Cobre’s enterprise payment platform with TerraPay’s global network, businesses can move funds in real time and reach new markets faster.
Improving cross-border payments
Cobre is a prevalent platform in the LATAM region, developing technology for corporate payments and offering three solutions that allow companies to improve their treasury or build new products for their clients, including Cobre Connect, Local Payments, and Cross Border Payments. All these solutions are designed to integrate with a company's pre-existing systems and create interoperable financial ecosystems.
TerraPay makes global money movement more convenient by providing a single connection to an extensive international payments network, compliant with multiple jurisdictions and markets’ regulatory requirements. The partnership underscores the two companies’ mission to simplify how enterprises manage money in Latin America and help them overcome complexities traditionally associated with cross-border payments, such as sending and receiving funds, regulatory compliance, treasury management, technology, and settlement.
The collaboration with TerraPay reflects Cobre’s commitment to combining local expertise with global networks to offer faster and more efficient money movement. TerraPay shares this sentiment, saying that the alliance allows businesses to unlock faster, transparent, and more reliable cross-border payments across Latin America while expanding their customer base and focusing primarily on growth.
The initiative comes as Cobre started to enable instant interbank payments for businesses in Colombia. With this functionality, companies are set to be able to leverage payment aliases to receive instant transfers without changing their existing accounting flows or payment systems, mitigating operational complexity and simplifying the adoption of the new financial infrastructure. Additionally, they will be able to receive payments from corporate clients around the clock, thus scaling cash flows and supporting accounting cycles.
