The Central Bank of the Republic has laid down the foundation for Colombia’s instant transfer system, inspired by the Brazilian Pix platform.
In Colombia, for instance, a PIX would end the dependency on payment methods such as PSE and Transfiya, as these would not be sufficient.
On November 1, 2023, the Board of Directors of the Central Bank of the Republic finally established the regulations that will require low-value payment systems (technically known as Nequi or Daviplata) to interoperate with each other.
Currently, these platforms operate as if they were two separate highways that do not connect to each other: if a user has an account in Daviplata, they cannot make a direct transfer to Nequi. However, now the Issuer has issued External Resolution No. 6 of 2023, which provides a roadmap for implementing this model in Colombia's financial system.
General Manager of the Bank of the Republic's Board, Leonardo Villar, had already announced that the tender for the interoperable payment system was to be assigned in October of this year.
Indeed, the Development Plan proposes a solution, as it not only established the possibility of a transition period to adapt to new regulations, but also opened the door for the Issuer itself to "create and manage an immediate low-value payment system and provide the necessary technological services and components for the interoperability of the systems."
In this way, the Colombian central bank has published regulations aimed at centralizing payments and immediate transfers to facilitate processes such as the payment of state subsidies.
Among the main points addressed by the resolution issued by the Bank of the Republic, it is determined that immediate payment systems must interoperate with each other as long as the payment orders and immediate fund transfers being processed are of the same classification.
It also states that entities providing these services, such as Nequi or Daviplata, must adopt a seal for the customer to identify the service. The name and image of this new seal will be determined by the Management Board.
Additionally, it indicates that participants may freely set the rates and commissions applicable to the processing of immediate transfers.
Likewise, these entities may not impose differential treatments in activities that lead to discriminatory practices with their users. This point is related to access technology, payment processing, rates, prices, or commissions charged for services, among others.
The Issuer also outlined the obligations to which entities offering these immediate payment systems will be subject, starting today.
These include: having the necessary mechanisms to allow for the processing of transfers; using messaging and connection standards for payment processing; and creating advertising programs to promote and educate the general public about the aforementioned seal.