Bancolombia’s fintech app arm Nequi recently signed a partnership with digital payment provider Terrapay to make it easier for Colombian customers to receive remittances from abroad, according to the firms.
Nequi, which claims 17.5 million users as a leading financial services app in the Andean nation of 50 million people, didn’t outline all the technical details of how the partnership will streamline the process, but noted in a statement that its users will have “immediate access” and the ability to directly manage the funds they receivein an “easy-to-use financial app, without long queues, long waiting times, secure experience and without any additional fees for the beneficiary.”
The alliance will help facilitate remittances for Colombians from some 200 countries, per Nequi.
“After receiving their remittance in Nequi, users can use the app to send money to other people, make digital and physical payments, organize their finances, save, and much more,” said María del Pilar Correa, CPO of Nequi, in the release.
Ambar Sur, CEO and co-founder at TerraPay, add that TerraPay is bringing its expertise to Colombian users as a company with “29 licenses and regulatory approvals globally, along with real-time transaction and risk monitoring capabilities.”