Immediate payment system, product in which Banrep works

Immediate payment system, product in which Banrep works

The manager of the Bank of the Republic, Leonardo Villar, announcement that the entity is working to facilitate the conditions so that in Colombia there is a immediate, digital and unified payment system covering the majority of the population.

(See: The new products that the Fiduciaria Corficolombiana would launch).

His words were given during the official’s intervention in the 56th edition of the Banking Convention, event organized by Asobancaria.

The model of said payment system is the so-called PIX that exists in Brazil and that has been developed by the financial system and the central bank of that country.

Villar said that this system currently allows the 70% of adults use it on a daily basis.

(See: Superfinanciera authorized Nequi to be a financing company).

And he added that they are also seeking to advance cross-border payments and then look at the possibility of adopting a digital currency of the Central Bank in Colombia.

The manager of the Colombian Issuer assured that, despite the arrival of new actors in digital matters that offer various products and wallets, full interoperability in the system is lacking, since they must articulate clients in a more efficient way with the financial system.

(See: Digital banking is the present of the financial system).

The development of these instruments between people is not developed in a business payment system, which reduces its ability to generate competition.

For this reason, Villar said, Banco de la República is required to intervene as the Brazilian central bank is doing in the PIX system.

(See: This is the number of ‘fintech’ that currently exists in Colombia).


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