TerraPay Partners with Banco de Bogotá to Revolutionize Remittance Services in Colombia

June 20, 2024 |

TerraPay, a leading global money movement company, is thrilled to announce a strategic partnership with Banco de Bogotá, the best bank in Colombia and the best financial innovation lab in 2023 by Global Finance. This alliance aims to provide unparalleled convenience, speed, and reliability for customers receiving remittances, enabling Colombians abroad to send money home with ease and efficiency.

Mauricio Fonseca, Vice-President from Banco de Bogotá, commented on the partnership, “We are delighted to join forces with TerraPay, enhancing our capability to offer secure, fast, and convenient remittance solutions to our customers. This collaboration not only broadens our service portfolio but also reflects our commitment to adopting advanced technological solutions.”

Paula Valle, Senior Director – LATAM & Caribbean at TerraPay stated, “We are excited to collaborate with Banco de Bogotá to enhance remittance services for their customers. This partnership underscores our dedication to providing innovative solutions that drive efficiency, reliability, and financial inclusion. Together, we aim to make cross-border payments seamless and accessible.”

Banco de Bogotá’s presence in 1.020 municipalities, covering 92.6% of the national territory ensures that this partnership will reach a wide audience. The bank’s commitment to environmental sustainability further enhances its reputation as a forward-thinking institution. This aligns with TerraPay’s mission to driving financial inclusion and adopting innovative solutions that empower individuals and businesses while promoting sustainability and efficiency in the financial sector.

About TerraPay

TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent, and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa, and Visa.

For more information visit: terrapay.com

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About Banco de Bogotá:

Banco de Bogotá the First Bank of Colombia, founded in 1870, subsidiary of Grupo Aval, the largest financial holding company in the country. One of the most relevant banks in the Colombian banking system with presence in all market segments and a solid digital transformation strategy. Offers banking services in 1.020 municipalities in the country, covering 92.6% of the national territory. Joined the Net Zero Banking Alliance with a commitment to achieve net zero emissions by 2050. Certified by Icontec as Carbon Neutral (scope 1 and 2). Last year, it was recognized by Global Finance as the best bank in Colombia and the best financial innovation lab in 2023.