{ "jurisdiction_id": "CO", "jurisdiction": "Colombia", "url": "https://payments.gi/jurisdictions/colombia/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 60, "source_register": 105 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/colombia/#w1a-licensing-authorisation-market-access", "standing_position": "Colombia's payments regulatory architecture centers on Banco de la Republica (Bre-B interoperable instant-payments scheme under Law 2294/2023 Art.104 mandate) and the SFC (licensing/supervision of banks, EMIs/SEDPEs, and other entities under an expanding Open Finance mandate).", "findings": [ { "finding": null, "instrument_type": "regulatory_architecture", "source": "https://resourcehub.bakermckenzie.com/en/resources/global-financial-services-regulatory-guide/latin-america/colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "licence_category", "source": "https://www.fundacionmicrofinanzasbbva.org/revistaprogreso/en/financial-inclusion-electronic-payment-and-deposit-companies-sedpes/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i=153787", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "legal_framework", "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Financial-consumer conduct is governed primarily by Ley 1328 de 2009 (the financial consumer protection statute) and the SFC's Sistema de Atención al Consumidor Financiero (SAC), with each supervised entity required to have an independent Defensor del Consumidor Financiero. The SFC issues conduct circulars (e.g. CE 015 de 2010 on SAC, CE 029 de 2014 on the Defensoría) and operates jurisdictional functions to resolve contractual disputes. SARLAFT 4.0 (CE 027 de 2020) sets the KYC/onboarding conduct baseline for supervised entities.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.superfinanciera.gov.co/preguntas-frecuentes/5/5-defensor-del-consumidor-financiero/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://x86.superfinanciera.gov.co/publicaciones/11222/defensor-del-consumidor-financiero/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://www.uiaf.gov.co/sites/default/files/inline-images/2020_ce027_1.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://www.findeter.gov.co/system/files/internas/Canales%20de%20atencio%CC%81n%20DCF%20%20FINDETER%2022012021.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w2-stablecoins-digital-money", "standing_position": "As of mid-2026 Colombia has NO comprehensive in-force crypto/stablecoin law. SFC and Banco de la República have repeatedly stated crypto-assets are not legal tender, currency or securities; the SFC historically restricted supervised entities from holding/intermediating crypto (Circular 29 de 2014). A regulatory sandbox ('la Arenera') ran 2021-2024. A comprehensive draft bill (Proyecto de Ley 510 de 2024/2025, advanced in early debate) would regulate Virtual Asset Service Providers (PSAV), with the SFC supervising specialised entities, DIAN requiring registration, and Banco de la República leading on stablecoins given their monetary impact. CAUTION: this bill is PROPOSED, not enacted. SEDPE e-money deposits are the in-force regulated digital-money product.", "findings": [ { "finding": null, "instrument_type": "legal_status", "source": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/colombia", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "draft_bill", "source": "https://es.beincrypto.com/regulacion-criptomonedas-colombia-marco-legal-marzo-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "draft_bill", "source": "https://www.forvismazars.com/co/es/acerca-de-nosotros/noticias-publicaciones-y-media/nuestras-publicaciones/governace-compliance-and-risk-management/regulacion-de-criptomonedas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_product", "source": "https://www.muralpay.com/blog/stablecoin-compliance-checklist-for-colombian-psps-uiaf-sfc-rules", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://abogadoblockchain.com/regulacion-criptomonedas-colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w3-operational-resilience-critical-infrastructure", "standing_position": "Colombia's operational-resilience/data-sharing regime is anchored by the mandatory Sistema de Finanzas Abiertas (Decreto 0368 de 2026, signed 7 Apr 2026, amending Decreto 2555/2010 per Art. 89 Ley 2294/2023), superseding the voluntary Decreto 1297/2022 scheme and building on SFC CE 004/2024 technical/resilience standards. API-based interchange, strong authentication, dual consent and resilient infrastructure are mandated; 12-month (extendable 6) enablement windows per SFC standard.", "findings": [ { "finding": null, "instrument_type": "decree", "source": "https://www.bu.com.co/en/insights/noticias/colombia-launches-its-mandatory-open-finance-system", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://www.urf.gov.co/w/colombia-consolida-el-sistema-de-finanzas-abiertas-obligatorio", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://latinia.com/en/resources/open-finance-colombia-mandatory-regulation-latin-america", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "decree_draft", "source": "https://www.hklaw.com/en/insights/publications/2024/12/proyecto-de-decreto-busca-modificar-el-ecosistema-de-pagos", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w4-scheme-network-compliance", "standing_position": "Card-scheme compliance runs through Visa and Mastercard franchises plus the two domestic acquiring/processing networks Redeban and Credibanco, a historically concentrated duopoly. Interchange (the Interbank Interchange Fee / IIF) was historically set by Visa/MasterCard committees — conduct the SIC flagged as anti-competitive — and must be regulated by the competent authority. Decreto 1692 de 2020 restructured scheme participation, separating clearing/settlement from acquiring/issuing and admitting non-supervised acquirers. The SFC issued instructions (2023 circular developing Decreto 1692) on EASPBV board composition, connected activities and non-supervised participants.", "findings": [ { "finding": null, "instrument_type": "competition_case", "source": "https://one.oecd.org/document/DAF/COMP/LACF(2021)5/en/pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.akua.la/en/blog/conozca-a-los-actores-clave-en-la-industria-de-pagos-con-tarjetas-electronicas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://www.garrigues.com/es_ES/noticia/superintendencia-financiera-colombia-impartio-instrucciones-relacionadas-sistemas-pago-valor", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://www.funcionpublica.gov.co/eva/gestornormativo/norma_pdf.php?i=153787", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/colombia/#w5-payment-corridor-dynamics", "standing_position": "Bre-B, BanRep's interoperable instant-payments scheme, is live nationally (full operation since 6 Oct 2025) with 218 participating entities and 5 (soon 6) fully interoperating SPBVIs, positioned as Colombia's Pix/SPEI-equivalent rail using registrable payment aliases.", "findings": [ { "finding": null, "instrument_type": "central_bank_rail", "source": "https://www.banrep.gov.co/en/blog/bre-b-brief-history-interoperated-instant-payment-system", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "fx_regime", "source": "https://www.trade.gov/country-commercial-guides/colombia-trade-financing", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "resolution", "source": "https://www.garrigues.com/es_ES/garrigues-digital/asi-avanza-regulacion-fintech-colombia-chile-mexico-peru", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "compliance_rule", "source": "https://www.rapyd.net/blog/colombia-payments-guide/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w6-industry-structure-commercial-dynamics", "standing_position": "Colombia is Latin America's third-largest fintech ecosystem (300+ active startups), led by bank-origin and independent neobanks: Nequi (Bancolombia origin, 24m+ users), DaviPlata (Davivienda, ~19m), MOVii and Nubank Colombia (~3.4m). Traditional banking remains concentrated around Bancolombia, Banco de Bogotá and Davivienda. Acquiring/processing has historically been concentrated in Redeban and Credibanco, now being disrupted by neo-acquirers (MOVii, Bold) and B2B-payments fintechs (Cobre). Financial penetration rose from 67.2% (2012) to 92.3% (2022). International entrants (Ualá, Revolut) are expanding into the market.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://fintechnews.am/fintech-colombia/54903/nequi-daviplata-and-movii-dominate-colombias-neobanking-market-but-new-challengers-emerge/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://facephi.com/observatory/regulacion-fintech-colombia-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.akua.la/en/blog/conozca-a-los-actores-clave-en-la-industria-de-pagos-con-tarjetas-electronicas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.trade.gov/country-commercial-guides/colombia-trade-financing", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w7-legal-litigation", "standing_position": "Live competition matter: SIC precautionary measures (2022) and pliego de cargos (2023) against six Visa/Mastercard entities over conduct obstructing payment aggregators and the LCA cross-border model (breach of Ley 155/1959 Art. 1 and Art. 47.10 Decreto 2153/1992). Historic IIF interchange-fixing line vs Visa/MasterCard committees and Redeban. AML enforcement active (>US$10m fines in 2023).", "findings": [ { "finding": null, "instrument_type": "enforcement_action", "source": "https://www.sic.gov.co/slider/superindustria-impone-medidas-cautelares-visa-y-mastercard-para-proteger-la-libre-competencia-en-pagos-internacionales", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://www.larepublica.co/finanzas/sic-formula-cargos-a-visa-y-mastercard-por-supuestamente-afectar-la-libre-competencia-3708126", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "competition_case", "source": "https://one.oecd.org/document/DAF/COMP/LACF(2021)5/en/pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_data", "source": "https://www.muralpay.com/blog/what-colombian-businesses-need-to-know-about-international-payment-regulations", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w8-merchant-acquiring-risk", "standing_position": "Acquiring was historically restricted to SFC-supervised entities operating through Redeban/Credibanco; Decreto 1692 de 2020 opened it by creating a Registro de Adquirente no Vigilados, allowing non-supervised actors to perform acquiring subject to solvency/capital requirements (or to act as payment-service providers if they cannot meet them). The 2023 SFC circular developing Decreto 1692 added EASPBV governance, defined non-supervised participants and consumer-protection/disclosure duties for acquiring. Cash remains dominant (~78% of transactions), shaping high merchant onboarding and risk profiles. Neo-acquirers (MOVii, Bold) and B2B fintech Cobre are reshaping merchant economics.", "findings": [ { "finding": null, "instrument_type": "decree", "source": "https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i=153787", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://ccce.org.co/noticias/comunicado-oficial-decreto-1692-de-2020-sistemas-de-pago-de-bajo-valor/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_development", "source": "https://financialit.net/news/payments/colombian-fintech-movii-enters-peru-operate-neo-acquirer-marking-beginning-its", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_context", "source": "https://www.banrep.gov.co/en/publications-research/report-board-directors-congress/box4-february-2025", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w9-product-innovation-market-development", "standing_position": "Colombia's payments innovation agenda for 2026-2030 rests on three reinforcing pillars: mandatory open finance (Decreto 0368 de 2026), interoperable instant payments via Bre-B (live October 2025), and partial usury-rate liberalisation. Bre-B drew on Pix (Brazil) and UPI (India), uses alias-based 'llaves', is fee-free for users until at least 2029, and reached tens of millions of registered keys at launch. Payment-initiation services were enabled via Decreto 1297 de 2022. An SFC crypto sandbox ('la Arenera') ran 2021-2024. New product launches include Cobre's B2B real-time Bre-B payments and peso stablecoins.", "findings": [ { "finding": null, "instrument_type": "product_launch", "source": "https://www.accion.org/instant-payments-connecting-and-transforming-colombias-financial-ecosystem/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "product_launch", "source": "https://paymentscmi.com/insights/bre-b-impact-in-colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "decree", "source": "https://www.garrigues.com/es_ES/garrigues-digital/asi-avanza-regulacion-fintech-colombia-chile-mexico-peru", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox", "source": "https://abogadoblockchain.com/regulacion-criptomonedas-colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w10-consumer-protection-app-fraud", "standing_position": "Financial-consumer protection is governed by Ley 1328 de 2009 and operationalised through the SFC's SAC, the per-entity Defensor del Consumidor Financiero, and the SFC's jurisdictional Acción de Protección al Consumidor Financiero (capped resolution time of one year). Colombia has no dedicated mandatory APP-fraud reimbursement regime equivalent to the UK PSR model; fraud is addressed via consumer-education and disclosure (the SFC launched 'Protégete de los fraudes' in June 2026 covering phishing/smishing/vishing). Instant-settlement fraud risk on Bre-B is a recognised emerging concern.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.superfinanciera.gov.co/preguntas-frecuentes/23/23-accion-jurisdiccional-de-proteccion-al-consumidor-financiero/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "consumer_education", "source": "https://www.superfinanciera.gov.co/publicaciones/10116157/colombianos-cuentan-con-una-nueva-herramienta-para-reforzar-la-defensa-frente-al-fraude-financiero/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "procedure", "source": "https://www.superfinanciera.gov.co/publicaciones/10110761/atencion-y-servicios-a-la-ciudadaniaatencion-al-ciudadanoformulario-solicitudes-y-pqrsf-10110761/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "risk_signal", "source": "https://paymentexpert.com/2025/09/24/bre-b-factsheet/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w11-aml-cft-financial-crime", "standing_position": "sentinel.: Colombia's AML/CFT payments posture rests on SARLAFT 4.0 (SFC Circular Externa 027 de 2020) for SFC-supervised entities and SAGRILAFT (Supersociedades CE 100-000016 de 2020) for the real sector, including certain VASPs. The UIAF (Ley 526 de 1999, Decreto 1497 de 2014) is the FIU receiving suspicious-transaction reports (ROS); crypto transactions over USD 150 are reportable. Colombia is a GAFILAT member, re-rated Compliant/Largely Compliant on most FATF recommendations in its 2022-2023 follow-up. Penalties reach 200 minimum monthly wages per violation; 2023 saw >US$10m in AML fines.", "findings": [ { "finding": "Colombia operates SARLAFT (risk-based AML/CFT framework for financial institutions, overseen by the Financial Superintendence) and a 2021-era Registro Único de Beneficiarios (RUB) beneficial-ownership registry administered by DIAN. UIAF is the FIU. The 2018 GAFILAT/FATF mutual evaluation found technical-compliance improvements via subsequent enhanced follow-up but persistent effectiveness gaps, especially on beneficial-ownership verification and territorial enforcement.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Colombia", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFAC wind-down", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: OFAC delisting", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/colombia/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement-system access and correspondent banking are governed by Banco de la República, which operates deposit and securities settlement, electronic funds transfers, interbank clearing, deposit-account systems and intraday liquidity for authorised financial institutions. Cross-border settlement runs through FEM authorised intermediaries (mostly supervised banks/licensed fintechs) with SIC-platform registration. De-risking pressure on remittance providers and smaller players is a recognised cross-border risk; FATF R.13 requires enhanced measures for cross-border correspondent banking, an area where Colombia was re-rated compliant. Bre-B's MOL provides domestic 24/7 settlement.", "findings": [ { "finding": null, "instrument_type": "settlement_infrastructure", "source": "https://www.banrep.gov.co/en/payment-systems", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "central_bank_function", "source": "https://www.banrep.gov.co/en/bank/functions", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "access_rule", "source": "https://www.rapyd.net/blog/colombia-payments-guide/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fatf_assessment", "source": "https://sumsub.com/blog/aml-regulations-colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/colombia/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity: Bold US$50m Series C (Mar 2025, General Atlantic) and ~US$40m round (Oct 2025); MOVii Peru neo-acquirer entry (Dec 2025); Cobre real-time B2B over Bre-B (Jul 2025). Earlier 2024 rounds (Addi US$186m, Finkargo US$95m, Simetrik US$55m) frame the backdrop; Uala and Revolut scaling.", "findings": [ { "finding": null, "instrument_type": "funding_round", "source": "https://www.fintechfutures.com/venture-capital-funding/colombia-s-bold-bags-50m-series-c-for-next-phase-of-growth", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "funding_round", "source": "https://latamlist.com/colombian-fintech-bold-raises-40m-funding-round/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_expansion", "source": "https://financialit.net/news/payments/colombian-fintech-movii-enters-peru-operate-neo-acquirer-marking-beginning-its", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_release", "source": "https://fintech.global/2025/07/14/cobre-launches-real-time-b2b-payments-in-colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "funding_round", "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/colombia/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }