TerraPay and Nequi partners to optimize remittance services for customers in Colombia

TerraPay, a UK-based global cross-border payments company, announced its partnership with Nequi by Bancolombia (Nequi) on Wednesday (25thOctober). The collaboration is meant to optimize remittances for customers in Colombia and offer a secure overall payment experience.

Nequi was originally developed by Bancolombia to be the first digital-only bank in Colombia. More particularly, it targeted the “banking sceptics. ”

TerraPay - Nequi partnership

The partnership between TerraPay and Nequi comes just a few weeks after the global payments network entered into an agreement with Bancolombia. The partnership was aimed at enhancing seamless cross-border money transfers between Colombians and their loved ones abroad. Bancolombia is the country’s leading payer of remittances.

The partnership between TerraPay and Nequi is also geared towards enabling Colombians receive remittances from their loved ones in over 200 countries across the world. This will be made possible through an efficient and secure connection.

Currently, Nequi is underpinned by TerraPay’s payment technology. With that, its clients can access a financial application that is easy to use and that eliminates long queues. Besides, the transactions will not attract any extra charges for the recipient. Through the Nequi app, customers will have instant access to manage the remittances they receive.

TerraPay’s CEO, Ambar Sur stated, “We are thrilled to partner with Nequi who share a desire to guarantee that Colombians can receive remittances from family and friends across the world in an easy, secure way…As the only payments network to have 29 licenses and regulatory approvals globally, along with real-time transaction and risk monitoring capabilities, our ambition is to continue expanding our world-class remittance services”.