Clearing the Path for the Colombian Peso: Why a Detour Shouldn't Be the Standard

Colombia is one of the world’s few ‘megadiverse’ countries. A nation with more unique animals, cultures, and landscapes than almost any other in the world. This biodiversity is mirrored in its economy, the third largest in Latin America, with a nominal GDP of $417 billion in 2024, built on an incredibly rich and diverse financial ecosystem. The country boasts a dynamic fintech industry and its international remittance market alone is projected to reach $12.2 billion by 2028.

Yet when it comes to moving money internationally, Colombia has been consistently held back by hidden costs that prevent its economy from reaching its full potential. 

On top of the inefficiencies of the existing international correspondent banking system, the Colombian FX market is further hampered by a particularly demanding, complex and outdated set of domestic regulations and processes. This reality creates a structural lack of direct liquidity in Colombian pesos, forcing expensive and time-wasting workarounds that mean many cross-border payments involving the Colombian peso don’t travel directly from Point A to Point B. Instead, they are forced to make a 'hop' through the U.S. dollar.

The shortest path between two points is a straight line. Anything else is inefficient. Yet for years, businesses transacting with the Colombian peso have been forced to take costly, unnecessary detours. Each 'hop' adds a new layer of fees from an intermediary bank, another window for settlement delays, and another point of potential failure. This is the bureaucracy barrier. It’s a systemic inefficiency that creates a direct tax on Colombian commerce, undercutting its ability to engage with international markets.

Creating a Direct Route to the Colombian Peso

At OpenFX, we believe in building clean, direct, and efficient paths for global commerce. The plumbing of the past shouldn't constrain the ambition of the future.

That is why we are announcing support for the Colombian peso on our cross-border payments platform. 

Our infrastructure was purpose-built to solve this kind of structural inefficiency. OpenFX has built a modern, liquidity-rich network that processes more than USD 16 billion in annualized cross border volume, and now we are offering a direct settlement path for the peso without the extra intermediary fees, unnecessary hops, and days-long delays. 

When a partner connects to our network, they are accessing this direct route to many of the world’s most dynamic global markets - which now includes the Colombian peso. 

Our proven network empowers Colombian businesses working with international stakeholders, and global enterprises that seek out Colombian pesos for local investment. We provide critical infrastructure for rapid, cost-effective global transactions, including up to 99% faster settlement, up to 90% lower costs, and 24/7/365 availability, delivered in a straightforward platform with cutting-edge transparency and security. 

Modernizing Global Money Movement

With support for nearly 30 countries, including the four largest economies in Latin America, OpenFX is delivering unprecedented new levels of efficiency in global markets. Our recent expansions in Mexico, Brazil and Argentina have been met with booming demand, and we are on track to expand to over 40 countries and 15 G20 FX pairs by the end of 2025. 

The next generation of Colombia’s economy is already being built right now. Our role is to provide a bridge from the country’s ambitious innovators to global markets and improve opportunities for mutual prosperity. By clearing the path for the Colombian peso, OpenFX’s infrastructure enables enables a more efficient, resilient and competitive economy unburdened by the challenges of the past.