Bancolombia and First Data(NYSE: FDC), a global leader in commerce-enabling technology, announced a strategic agreement to integrate and strengthen their technology platforms in order to improve and diversify services for business owners in Colombia.
The companies will focus on building commerce technology solutions for merchants and facilitating access to the banking system, offering advanced technology and secure, efficient transactions. First Data and Bancolombia will bring the latest payments innovations from Europe and the United States to the Colombian market, including best-in-class eCommerce and business management solutions.
For Bancolombia, the alliance with one of the world leaders in the payment technology industry represents a tremendous opportunity to modernize commerce in the Colombian marketplace. “At Bancolombia we are always aiming to improve our product and service portfolio, and in order to achieve this within the best global standards, we will always seek partnerships with the best in the world,” said Juan Carlos Mora Uribe, President of the Bank.
The alliance with Bancolombia will strengthen First Data’s role as an important player in the Colombian market, which the company first entered in 2009. “We are committed to investing in Colombia, a strategic market that represents huge potential for our company given that the use of debit and credit cards still has relatively low penetration. First Data is proud to partner with one of the most important financial institutions in the region. Our work with Bancolombia is a key component of our overall strategy in Latin America,” said Gustavo Marín, Executive Vice President of First Data for Latin America.
First Data is a market leader in the Caribbean and Latin America, with operations in eight countries, serving clients in 32 countries across the region. In Brazil, 60% of all credit card transactions are processed on First Data’s software platforms.