Colombia advances towards the centralization of payments with its innovative system of immediate transfers

The Latin country aims to achieve the centralization of payments, in response to the growth of techno-financial solutions

Colombia seeks to centralize payments and immediate transfers to streamline processes, such as the payment of state subsidies, in response to the growing panorama of techno-financial solutions. Following the example of the successful Brazilian platform Pix, the country has set out a plan to develop its own system of instant transfers.

According to a Bloomberg report, Colombia’s National Development Plan laid the foundations for promoting this initiative through the central bank. The goal is to gradually replace personal bank transfers and traditional methods, such as the popular “boleto bancario”.

The plan establishes that Banco de la República will be able to create and manage an immediate low-value payment system, providing the services and technological components necessary for the interoperability of said systems.

In this context, the Fintech associations of the Pacific Alliance aim to set a standard in Open Finance, Gabriel Santos, executive president of Colombia Fintech, has highlighted the importance of adopting a system without conflicts of interest and with equal conditions for all participants. Santos sees the Brazilian system as a model for Colombia to follow.

The development of this instant transfer system would open up new opportunities for financial inclusion and allow more people to make transfers through digital wallets. Santos emphasizes that money will circulate more dynamically and that a greater number of people will benefit from this informal economy connected by a system of immediate transfers, with minimal costs and even free of charge.

In summary, Colombia seeks to establish an immediate transfer system inspired by the success of Pix in Brazil. This initiative aims to centralize payments and transfers to facilitate processes such as the payment of state subsidies and promote financial inclusion in the country.

K. Tovar

Source: Cointelegraph

(Reference image source: Tech Daily, Unsplash)

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