Bancolombia, First Data Team Up On eCommerce Solutions In Colombia

First Data, “a global leader in commerce-enabling technology,” has announced a partnership with Bancolombia, a conglomerate of Latin American and Caribbean financial companies, that will “integrate and strengthen their technology platforms in order to improve and diversify services for business owners in Colombia.”

The two companies announced the agreement in a joint statement on Monday (July 25). The alliance, according to both companies, will focus on “building commerce technology solutions for merchants and facilitating access to the banking system” by providing “secure, efficient transactions” through technological improvements in Colombia.

First Data and Bancolombia said they plan to bring the “latest payments innovations from Europe and the United States to the Colombian market,” including business management and eCommerce solutions.

Bancolombia, a company with 141 years of history that offers financial services to 10 Latin American and Caribbean countries and territories — Colombia, Panama, El Salvador, Guatemala, Honduras, Peru, Costa Rica, Puerto Rico, Nicaragua and Cayman Islands – said the alliance with First Data “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,” Juan Carlos Mora Uribe, president of the bank, said in a statement.

For First Data, a leader in the payment technology industry, the partnership offers an intriguing opportunity to strengthen its position in the Colombian marketplace, which First Data 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,” Gustavo Marín, executive vice president of First Data for Latin America, said in a statement. “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.”