Bancolombia and First Data have announced an agreement to integrate and strengthen their technology platforms in order to improve and diversify services for business owners in Colombia, according to a press release from First Data.

The companies said they will focus on building commerce technology products for merchants and facilitating access to the banking system, offering advanced technology and security enhancements. First Data and Bancolombia will bring the latest payments products from Europe and the U.S.

"At Bancolombia we are always aiming to improve our product and service portfolio, and in order to achieve this within the best global standards, we will always seek partnerships with the best in the world," said Juan Carlos Mora Uribe, president of Bancolombia.

 First Data first entered the Colombian market in 2009.

"We are committed to investing in Colombia, a strategic market that represents huge potential for our company given that the use of debit and credit cards still has relatively low penetration," said Gustavo Marín, executive vice president of First Data for Latin America. "First Data is proud to partner with one of the most important financial institutions in the region. Our work with Bancolombia is a key component of our overall strategy in Latin America."