Zulu Powers Instant Corporate Payments Launch in Colombia

GouPayments, the Zulu fintech, Banco de Occidente and Aval Casa de Bolsa announced the start of an ecosystem that will allow for immediate business payments in Colombia.

The alliance seeks to extend this capacity to international payments and was presented in recent days by Grupo Aval.

In the last five months, Colombia has accumulated more than 500 million instant transactions through the Bre-B infrastructure. Until now, this ecosystem had primarily benefited individuals. This announcement paves the way for bringing instant payments to the corporate sector.

GouPayments partners with Zulu and major financial institutions to enable instant business payments and drive real-time transaction innovation in Colombia

“We want our corporate clients to have access to the best available technology, and that’s why at GouPayments we work to enable immediate business payments per transaction, something that traditional banking has not been able to offer with this speed,” said Isabel Cristina Martínez, CEO of GouPayments.

Zulu is a Colombian fintech company specializing in international payments and treasury management for businesses in Latin America. Its platform allows importers, exporters, and companies with cross-border operations to make payments to suppliers, manage foreign exchange, receive international collections, and optimize their liquidity, all from a single location.

With this alliance, Zulu becomes the first company in Colombia to access this new product, with the vision of offering immediate international payments to its customers.

“For Zulu and the fintech industry, this is a watershed moment. Grupo Aval’s trust as a strategic partner allows us to offer our clients something that didn’t exist in the country before: immediate local and international business payments. This is the first step in a much larger transformation,” said Esteban Villegas, CEO of Zulu.

The banking backing for this alliance is provided by Banco de Occidente, which contributes its financial infrastructure and trading desk as direct support for Zulu’s operations. This capacity will enable the liquidity and speed required by the foreign exchange market.

This is the first time that a banking entity of this size in Colombia has directly linked its infrastructure to an international payments fintech to offer this product to its corporate clients.

“Banco de Occidente supports this alliance by providing its financial infrastructure and trading desk for Zulu’s operation as an international payments provider and to bring this product to all its customers,” said Gerardo Silva, president of Banco de Occidente.

For its part, Aval Casa de Bolsa will begin a pilot program in which Zulu will integrate its international payment services, GouPayments, for the brokerage firm’s clients.

“The vision for this alliance goes beyond the launch of a product. For Aval Casa de Bolsa, it signifies the beginning of the modernization of international and local payments for our clients. We see this launch as the first step on a path full of innovation,” said Salim Jassir, CEO of Aval Casa de Bolsa.

__

(Featured image by Random Institute via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Portafolio. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.