Bre-B will allow immediate transfers between banks and wallets, using keys such as cell phone, card or email.
From this October 6, Bre-B began operating, The Platform of the Bank of the Republic that allows Colombians to make immediate transfers between accounts of different financial entities.
The system was designed to integrate banks, cooperatives and digital wallets into a single infrastructure, Lor that facilitates sending and receiving money in less than 20 seconds, At any time and any day of the week.
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Rapid transfers and allowed amounts
With bre-b they can be transferred to 11.5 million pesos regardless of the entity or the application used. The issuer explained that this interoperability seeks to overcome the limitations of the previous systems, which only allowed transactions within the same ecosystem.
“Keys” as identifier
To make an operation it is not necessary to know the recipient’s account number. The system works with a “key”, which can be a cell phone number, A card, an email or an alphanumeric key.
“Each person can register several keys, but each one must be associated with a specific account,” said Ana María Prieto, director of the Department of Payment System of the Bank of the Republic.
The registration of the keys is carried out in the official application of each financial entity. Once registered, it is enough to enter the BRE-B option, select “Payments with key”, digit the recipient identifier and approve the transaction. The receiver receives the money in a maximum of 20 seconds and the application issues a digital voucher.
Relationship with transfer
Bre-B will gradually replace Transfiya, the service that since 2020 It offered transfers between 26 financial entities. Part of its infrastructure will continue to function as support for the new system.
The use of the platform has no cost, but transfers continue to be subject to the 4 x 1,000 tax, as long as the exemption established in the tax reform of 2022 does not enter into force. Currently, only one account per person may be free of the tax and the benefit is lost if the monthly stops are overcome.
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With October 2, more than 80 million keys associated with 32.3 million users had registered. Of these, Most are alphanumeric, followed by cell phone numbers. In total, 227 financial entities are already part of the system.
The Bank of the Republic reiterated that Bre-B seeks to modernize the country’s payment system and expand access to safe and efficient digital financial services.
Source: Integrated information system
