The company announced this week that OpenFX added PESO (COP) the Colombian to the cross -border payment platform.
The company explained that this step enables international companies to send, receive and transform the bizo without direction in the US dollar, which reduces the transaction fees by up to 90 percent and settlement times from days to less than an hour.
Although it is the third largest economy in Latin America, the foreign exchange market in Colombia has long been hindered due to incompetence and complex regulations.
OpenFX said that its payment bars will “free of the chains of the market structure.”
“Colombia is in the midst of a noticeable digital transformation,” said Brabhakar Reddy, founder and director of OpenFX. “The global ambitions in the country deserve a financial network that supports innovation.”
The expansion is the Fourth OpenFX entrance to Latin America this year, after its launch in Mexico, Brazil and Argentina. Fintech, backed by a financing round, led $ 23 million, has processed more than $ 16 billion in the annual border size.
Provides the new infrastructure that provides 24/7, an actual time programming interface and advanced settlement technology for transparency and compliance.
OpenFX said that adding the bizo enhances its mission to update the border financing and get rid of the intermediaries assigned to the emerging markets.