The evolution of transactions in Colombia

Financial consumers can now securely access real-time payment and fund transfer services, thanks to Colombia’s Central Bank External Resolution 6 on October 31st, 2023. The primary goal is to foster interoperability within the country’s Low-Value Payment Systems.

This regulatory framework empowers users to execute real-time transfers or payments, irrespective of their financial institution.

Transactions are expected to conclude within a maximum of 20 seconds, ensuring customers enjoy a straightforward and standardized experience. Technologies like cell phone numbers, email addresses, or QR codes are employed for user identification.

The regulation will be gradually implemented, considering local industry advancements, international best practices, and technical guidance from multilateral organizations. This operational paradigm seeks to revolutionize immediate payments and transfers in Colombia, elevating efficiency and security in financial transactions and ushering in a new era of traditional practices.

Source in Spanish.