OpenFX, a FX infrastructure company that modernizes how money is moving around the world, announced today that it has begun support for Colombian Peso (COP) on its cross -border payment platform, improving worldwide access to the market for both domestic and domestic and domestic businesses. scale.
Despite Colombia’s regime as the third largest economy in Latin America, the FX market has been slowed down by exacerbated, ineffective bureaucratic processes that put an oversized burden on the company’s international size transactions. This reality, coupled with the lack of interoperability between the recent Bre-B domestic payment system and existing international payment networks, means that Colombian Pesos are loaded with a unique set of friction that stifles growth and investment. This often causes cross -border payments to receive a costly and time -consuming “hop” through the US dollar, adding unnecessary layers of remuneration, complexity and delays.
The modern, privately owned infrastructure of OpenFX provides an immediate settlement route that bypasses these issues, reducing the delays of settlement from days to minutes and reducing trading fees by up to 90%.
“Colombia is in the middle of a remarkable digital transformation, from the Fintech world -class innovators to the modernization of its basic economic infrastructure government,” said Prabhakar Reddy, founder and chief executive of OpenFX. “The country’s global ambitions deserve an economic network that supports innovation and liberates its companies from the restrictions on the outdated market structure.”
This marks the fourth expansion of OpenFX to Latin America’s coins in the last quarter, after the addition of Mexico, Brazil and Argentina to its cross -border platform. In May 2025, the company received a round of funding of $ 23 million, led by ACCEL.