OpenFX has added the Colombian peso (COP) to its cross-border payments platform, the company announced this week.
OpenFX Adds Colombian Peso to Cross-Border Payments Network
The company explained that the move enables global businesses to send, receive and convert pesos without routing through the U.S. dollar, reducing transaction fees by up to 90 percent and settlement times from days to under an hour.
Despite being Latin America’s third-largest economy, Colombia’s foreign exchange market has long been hampered by inefficiencies and complex regulations.
OpenFX said its proprietary payment rails will “free companies from the constraints of outdated market structure.”
“Colombia is in the midst of a remarkable digital transformation,” said Prabhakar Reddy, Founder and CEO of OpenFX. “The country’s global ambitions deserve a financial network that supports innovation.”
The expansion marks OpenFX’s fourth entry into Latin America this year, following launches in Mexico, Brazil and Argentina. The fintech, backed by a USD 23 million Accel-led funding round, has processed more than USD 16 billion in annualised cross-border volume.
The new infrastructure offers 24/7 availability, real-time APIs, and advanced settlement technology for transparency and compliance.
OpenFX said the addition of the peso strengthens its mission to modernise cross-border finance and eliminate costly intermediaries in emerging markets.
