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Bancolombia, First Data strike strategic alliance to integrate technology platforms

BancolombiaSA and First Data, a financial services technology firm, havereached a strategic agreement to integrate and strengthen their technologyplatforms in a bid to improve services for Colombian businesses.

The alliance will focus on building commerce technologysolutions for merchants and help them access the banking system, the companiesannounced July 25.

"We are committed to investing in Colombia, a strategicmarket that represents huge potential for our company given that the use ofdebit and credit cards still has relatively low penetration," said GustavoMarín, executive vice president for Latin America at First Data.

First Data has operations in eight countries in LatinAmerica and the Caribbean and serves clients in 32 countries across the region.