Grupo Aval has announced a landmark alliance to introduce an immediate corporate payments ecosystem in Colombia, expanding a service previously focused on individuals. The collaboration involves its companies GouPayments, Banco de Occidente, Aval Casa de Bolsa, and the fintech firm zulu. This partnership, unveiled during Aval Tech Week, aims to revolutionize business transactions by providing unprecedented speed for domestic and international payments.
A Strategic Alliance for Corporate Innovation
The new ecosystem leverages Colombia's existing Bre-B immediate transfer infrastructure, which has processed over 500 million recent transactions. Until now, this system primarily benefited individual consumers, leaving a gap in the corporate sector. This initiative marks a pivotal shift, extending the advantages of real-time payments to businesses across the country.
GouPayments provides the core technology to enable transactional immediate payments for corporate clients. Isabel Cristina Martínez, CEO of GouPayments, stated the goal is to provide clients with access to the best available technology. She emphasized this service offers a speed that traditional banking has previously been unable to deliver.
Colombian fintech zulu, specializing in international payments, will be the first company to utilize this new infrastructure. The firm plans to offer its clients immediate local and international payment capabilities, a service previously unavailable in the market. This move positions zulu at the forefront of innovation for companies engaged in cross-border trade.
Esteban Villegas, CEO of zulu, described the partnership as a watershed moment for his company and the fintech industry. "The trust of Grupo Aval as a strategic ally allows us to offer our clients something that did not exist in the country," he noted. Villegas added this launch is the first step in a much larger transformation.
Integrating Banking Infrastructure with Fintech Agility
The alliance is distinguished by its deep integration of established banking infrastructure with fintech innovation. Banco de Occidente provides crucial support, dedicating its financial systems and money desk to facilitate zulu's operations. This backing ensures the liquidity and speed required to manage the demanding foreign exchange market.
This collaboration is reportedly the first of its kind in Colombia where a major bank directly connects its infrastructure with an international payments fintech. Gerardo Silva, president of Banco de Occidente, confirmed the bank's commitment to the partnership. He explained the bank is providing its infrastructure to support zulu as an international payment provider.
Further expanding the ecosystem, Aval Casa de Bolsa will launch a pilot program integrating zulu's international payment services for its brokerage clients. This pilot aims to modernize payment processes for financial operations and international transactions. The initiative underscores a group-wide commitment to adopting cutting-edge financial solutions.
Salim Jassir, CEO of Aval Casa de Bolsa, highlighted the long-term vision, viewing it as more than a product launch. "It signifies the beginning of the modernization of international and local payments for our clients," he remarked. Jassir sees this development as the first step on a path filled with continued innovation.
This partnership between Grupo Aval's entities and zulu signals a significant evolution in Colombia's corporate financial services. By combining the scale of a major banking group with the agility of a specialized fintech, the alliance is set to redefine standards for business payments. Both companies have indicated that more innovations will be introduced, promising a more efficient future for corporate finance.