OpenFX, an FX infrastructure company modernizing the way money moves around the world, today announced it has launched support for the Colombian peso (COP) on its cross-border payments platform, substantially improving global market access for both domestic and international enterprises to quickly send, convert, and receive Colombian pesos at scale.
Despite Colombia’s status as the third largest economy in Latin America, its FX market has been slowed by onerous, inefficient bureaucratic processes that place an outsized burden on company-sized international transactions. This reality, combined with the lack of interoperability between its recent Bre-B instant domestic payments system and existing international payment networks, mean that Colombian pesos are laden with a unique set of frictions that stifle growth and investment. This frequently forces cross-border payments to take a costly and time-consuming “hop” through the U.S. dollar, adding unnecessary layers of fees, complexity, and delays.
OpenFX’s modern, proprietary infrastructure provides a direct settlement route that bypasses these issues, slashing settlement delays from days to minutes and reducing transaction fees by up to 90%.
“Colombia is in the midst of a remarkable digital transformation, from its world-class fintech innovators to the government’s forward-thinking modernization of its core financial infrastructure,” said Prabhakar Reddy, OpenFX Founder and CEO. “The country’s global ambitions deserve a financial network that supports innovation and frees its companies from the constraints of outdated market structure.”
This marks OpenFX’s fourth expansion into Latin American currency markets over the last quarter, following its addition of Mexico, Brazil, and Argentina on its cross-border platform. In May 2025, the company received a USD 23 million funding round led by Accel.
