With the launch of BRE-B, the Bank of the Republic aims to modernize Colombia’s immediate low-value payment system through an interoperable payment network.
This system will enable users to conduct real-time transactions, 24/7, in a secure and user-friendly manner, connecting various accounts and digital wallets. This initiative seeks to accelerate the transition towards a more efficient, open, and digital economy.
BRE-B enhances the financial infrastructure and has the potential to increase inclusion by facilitating access to banking services for the unbanked. By reducing the reliance on cash and the costs associated with it, BRE-B aims to promote equitable access to financial services and boost the competitiveness of small and medium-sized enterprises.
The impact of BRE-B will be crucial in strengthening trust in the country’s financial system, potentially fostering economic growth and supporting the formalization of the economy. With these advanced technological tools, Colombia is taking a significant step towards modernization and equity in its financial sector.
