COschema world-payments-v1trajectory: not recorded
Last updated · 14 modules · 60 sourced
findings · 108 sources in the cumulative register
14Modulesbaseline.modules[]
60Findingsmodules[].findings[]
36Tier-1 sourcesrun_metadata.t1_source_count
Confidence mix(sums to 14 rendered modules; click to filter)
Jurisdiction brief
Lead Signal
Colombia's Bre-B instant-payments scheme has moved from national launch to broad institutional uptake this cycle. Banco de la Republica reports that the scheme reached 218 participating entities and five fully interoperating SPBVIs by January 2026, four months after coming into full national operation on 6 October 2025. A sixth entrant, Gou Payments, is expected to join the interoperating group per that same January update, though the timing of its formal entry remains unconfirmed. This onboarding pace responds to a historically cash-heavy payments culture: as of 2023, 78.6% of Colombian adults preferred cash, a preference Banco de la Republica links to low prior electronic-payment interoperability. Read together, the participant count, the pending sixth entrant, and the cash-preference baseline against which Bre-B is measured indicate that Colombia's instant-payments rail has achieved rapid institutional uptake within four months of full launch, positioning it as a credible Pix/SPEI-equivalent rail and materially improving payment-system contestability against that historically cash-dominant baseline. This is this cycle's baseline capture of Colombia's instant-payments infrastructure for the World Payments Monitor.
Other Developments
The statutory foundation underpinning Bre-B's interoperability mandate traces to Article 104 of Law 2294 of 2023, Colombia's National Development Plan, which grants Banco de la Republica the power to regulate interoperability of instant retail-value payment systems, known as SPBVI. Both bank and non-bank payment institutions fall within this licensing and interoperability architecture, a bank-PSP versus non-bank-PI/EMI distinction that Colombia's regulatory design treats symmetrically for Bre-B participation and for its underlying statutory mandate. That statutory grant, together with the Superintendencia Financiera de Colombia's supervisory role over banks and other regulated payment entities, forms the architecture this cycle establishes as Colombia's baseline licensing and market-access position. Layered onto the Bre-B mandate, a 2026 regulatory update requires participant entities to promptly and clearly communicate technological incidents that interrupt instant payments or transfers to users, an operational-resilience and consumer-disclosure obligation now attaching to scheme participants. Separately, the Superintendencia Financiera de Colombia's Open Finance mandate is reported to extend data-sharing obligations to all SFC-supervised entities, broadening beyond Open Banking accounts and cards into insurance, pensions, investments and crowdfunding. That characterisation currently rests on a single T4 vendor source, and it signals a broadening supervisory data-sharing perimeter that nonbank PSPs and fintechs should track closely, though it awaits corroboration from a T1/T2 SFC circular.
Cross-Monitor Connections
No cross-monitor flags were raised this cycle. Bre-B's build-out and the SFC's Open Finance expansion sit inside the World Payments Monitor's own instant-payments and regulatory-conduct trackers rather than triggering a linkage to a sister monitor at this stage. Any illicit-finance use of Bre-B's rails would fall to a financial-crime monitor's remit rather than to a World Payments Monitor conclusion, and this brief draws no such conclusion.
Outlook
Watch for confirmation of Gou Payments' entry as Bre-B's sixth interoperating participant, and for further alias-adoption and participant-count updates from Banco de la Republica in coming cycles. On the regulatory side, corroboration of the SFC's Open Finance mandate scope from a T1/T2 source would resolve the confidence gap flagged this cycle, while the incident-communication requirement layered onto Bre-B participants bears watching for enforcement specifics as it beds in. No CO-specific development was found this cycle on merchant-acquiring/high-risk-MCC activity or on settlement-finality and safeguarded-funds-insolvency plumbing; both remain open coverage gaps for future cycles.
trust tier: ai_unverified
Regulatory Status
Colombia's payments regulatory architecture centres on Banco de la Republica and the Superintendencia Financiera de Colombia. Banco de la Republica's statutory mandate to regulate interoperability of instant retail-value payment systems, granted under Article 104 of Law 2294 of 2023, underpins Bre-B, the country's national instant-payments scheme. Bre-B came into full national operation on 6 October 2025 and by January 2026 had grown to 218 participating entities and five fully interoperating SPBVIs, with Gou Payments expected to join as a sixth. That growth addresses a historically cash-dominant payments culture, in which 78.6% of Colombian adults preferred cash as of 2023. A 2026 regulatory update additionally requires Bre-B participants to promptly and clearly communicate technological incidents that interrupt payments to users. Separately, the Superintendencia Financiera de Colombia's Open Finance mandate is reported to extend data-sharing obligations across all SFC-supervised entities, into insurance, pensions, investments and crowdfunding, though that characterisation currently rests on a single T4 vendor source pending T1/T2 corroboration.
Outlook
Colombia's trajectory this cycle is one of liberalising, improving regulatory direction: Bre-B's rapid institutional uptake and the SFC's expanding Open Finance mandate both point toward broader payment-system contestability and a wider supervisory data-sharing perimeter. Watch for confirmation of Gou Payments' entry, for T1/T2 corroboration of the Open Finance mandate's scope, and for further detail on Bre-B's incident-disclosure enforcement. No CO-specific development was found this cycle on merchant-acquiring/high-risk-MCC activity or settlement-finality/safeguarded-funds-insolvency plumbing.
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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).
Movement — NEWStanding position established for W1a in COFirst baseline capture of Colombia's payments licensing/regulatory framework.
Standing sub-brief233 words · last cycle wpm-2026-08-05
Licensing, Authorisation & Market Access
Colombia's payments licensing and market-access architecture centres on Banco de la Republica and the Superintendencia Financiera de Colombia. Banco de la Republica's authority to regulate interoperability of instant retail-value payment systems, the SPBVI, derives from Article 104 of Law 2294 of 2023, Colombia's National Development Plan. This statutory grant is the basis for Bre-B's interoperability mandate and now forms this cycle's baseline capture of Colombia's W1a position. The architecture treats bank and non-bank payment institutions as falling within the same licensing and interoperability framework, carrying the bank-PSP versus non-bank-PI/EMI distinction through to Bre-B participation rather than segregating access by institution type. Separately, the Superintendencia Financiera de Colombia's Open Finance mandate is reported to extend data-sharing obligations across all SFC-supervised entities, broadening beyond Open Banking accounts and cards into insurance, pensions, investments and crowdfunding, a scope expansion that would sit within this same licensing and market-access domain. That broader characterisation currently rests on a single T4 vendor source pending corroboration from a T1/T2 SFC circular, and the exact enactment date of Law 2294 of 2023 has not been established from available sources this cycle.
Outlook
Watch for a T1/T2 SFC circular or Banco de la Republica publication that corroborates or narrows the reported Open Finance mandate scope, and for any dating clarification on Law 2294 of 2023's Article 104 provision. Both would firm up this cycle's baseline W1a capture.
Periodic update · new data 2026-08-11 · run wpm-2026-08-05
Licensing, Authorisation & Market Access
Colombia's instant-payments interoperability framework rests on Article 104 of Law 2294 of 2023, the country's National Development Plan, which grants Banco de la Republica the statutory power to regulate interoperability among instant retail-value payment systems, domestically classified as SPBVI. This is a market-access-relevant detail: the authority governing interoperability sits inside a general economic-development statute rather than a dedicated payments-licensing act, meaning any future amendment to the interoperability mandate runs through the National Development Plan legislative vehicle. Operating under that mandate, Banco de la Republica has overseen Bre-B's transition from statutory design to full national operation, reaching 218 participating entities by January 2026 across five fully interoperating payment systems, with a sixth participant expected to join. The scale of participation — reaching well over two hundred entities within roughly a quarter of full operation — indicates that market access under the Bre-B interoperability framework has been broad rather than narrowly piloted, though the evidence available this cycle does not itemise the participant list by bank-PSP versus non-bank-PI/EMI status, a distinction that matters for assessing whether market access has been genuinely open to non-bank payment institutions and electronic-money issuers or has remained concentrated among traditional bank participants. Both claims underpinning this module's assessment carry content_tier classification as standing-brief material and are sourced to Banco de la Republica publications at source-tier one, the highest evidentiary tier in this cycle's register; the underlying claims are also coded bank_or_nonbank: both, indicating the statutory mandate and the interoperability scheme apply across bank and non-bank payment-service-provider populations rather than being confined to one class of institution. This is a national_federal regulatory-layer development, with Banco de la Republica as the central-bank authority exercising the mandate rather than a sub-national or scheme-level body.
Outlook
The market-access question to track is whether Banco de la Republica issues further interoperability regulation under its Article 104 mandate as Bre-B matures beyond its first full year of national operation, and whether future participant disclosures clarify the bank-versus-non-bank composition of the scheme's now more than two-hundred-strong participant base.
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.
Standing sub-brief175 words · last cycle wpm-2026-06-27
Conduct, Safeguarding & Financial Promotions
The financial-consumer conduct regime is anchored by Ley 1328 de 2009, which establishes the financial-consumer protection regime. Art. 13 requires most SFC-supervised entities to maintain an independent Defensor del Consumidor Financiero handling complaints, conciliation and recommendations, operationalised via SFC circulars CE 015/2010 (SAC), CE 016/2010 and CE 029/2014. This sets a per-entity consumer-redress obligation that any licensed payments provider, whether a bank-PSP or a non-bank PI/EMI, must staff and fund.
The onboarding-conduct baseline is set by SFC Circular Externa 027 de 2020 (SARLAFT 4.0), a risk-based customer-knowledge and KYC onboarding standard for SFC-supervised entities, including digital identity per FATF guidance, with provisions effective from 1 March 2022 following a 12-month implementation window from publication. The conduct and onboarding lens is carried here; the AML risk-system dimension of SARLAFT is carried separately under W11 via the Sentinel feed.
Outlook
The conduct framework is stable, with the Defensor regime and SARLAFT 4.0 onboarding baseline establishing settled per-entity obligations. No live safeguarding or promotions reform is evidenced this cycle; the area is monitored.
No periodic updates recorded against this sub-brief.
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.
Open gap — wpm-int-1W2 stablecoin module rests heavily on Tier-3 law-firm/journalism sources; the precise legislative status and text of Proyecto de Ley 510 (and conflicting Decreto 1297 de 2023 PSAV-registry attribution) are not confirmed against a Tier-1 Congress/primary source.Emerging-market crypto frameworks under-covered by Tier-1 channels; attribution conflict on Decreto 1297/2023 flagged as Assessed.
Standing sub-brief236 words · last cycle wpm-2026-06-27
Stablecoins & Digital Money
As of mid-2026 Colombia has no comprehensive in-force crypto or stablecoin framework. Crypto-assets remain unregulated and are treated as intangible digital assets, not legal tender, currency or securities, a position maintained by the SFC and Banco de la Republica. SEDPE e-money deposits are the in-force regulated digital-money product. Peso stablecoins, including Wenia COPW, Minteo COPM and Num Finance nCOP, are launching into this legal vacuum, creating regulatory-arbitrage and reserve-integrity questions for payments operators. The stablecoin-as-payment-instrument dimension is in WPM scope, while illicit-finance use routes to FIM.
The principal forward item is the Proyecto de Ley 510 de 2024/2025 (PSAV bill), which is proposed and not enacted. It would regulate Virtual Asset Service Providers (PSAV) across 19 articles spanning supervision, consumer protection, AML/CFT and financial education, with the SFC supervising specialised entities, DIAN registration, an SFC-supervised sandbox, and Banco de la Republica leading on stablecoins under a 'same activity, same risk, same regulation' principle. It has passed first debate. If enacted, it would be Colombia's first VASP and stablecoin framework, materially altering market-access conditions for crypto-payment providers.
Outlook
The trajectory is advancing but uncertain. The PSAV bill has cleared only first debate, and the precise legislative status, alongside a flagged attribution conflict around Decreto 1297 de 2023, is not confirmed against a Tier-1 Congress source. Enactment is assessed for 2026-H2 with year-level uncertainty; until then the legal vacuum persists for launching peso stablecoins.
No periodic updates recorded against this sub-brief.
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.
Standing sub-brief84 words · last cycle wpm-2026-08-05
Consumer Protection & Operational Resilience
A 2026 regulatory update to Bre-B requires participant entities to promptly and clearly communicate technological incidents that interrupt instant payments or transfers to users. The requirement layers an operational-resilience and consumer-disclosure obligation onto banks and non-bank participants alike within the Bre-B scheme, tracking the scheme's rapid growth in participants and transaction volumes with a corresponding expectation of incident transparency toward end users.
Outlook
Watch for enforcement specifics and any published incident-disclosure statistics as Bre-B's participant base continues to expand.
No periodic updates recorded against this sub-brief.
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.
Open gap — wpm-int-2W4 scheme-compliance lacks visibility on current interchange-fee regulation outcome — whether/how the competent authority has set the IIF post the SIC finding is not evidenced this cycle.no under-indexing note recorded
Standing sub-brief174 words · last cycle wpm-2026-06-27
Scheme & Network Compliance
Scheme-level compliance in Colombia is defined by a historically concentrated card-acceptance structure and a landmark interchange finding. The Colombian Interbank Interchange Fee (IIF) case established that Redeban Multicolor S.A. and the banks on the Visa/MasterCard IIF committees jointly fixed the interchange fee, and the SIC found this anti-competitive on the basis that such fees must be regulated by the competent authority. Interchange-setting governance therefore affects acquirer and merchant economics across the Redeban/Credibanco duopoly.
The acquiring and processing market is concentrated around Redeban and Credibanco, a historically concentrated duopoly now being disrupted by neo-acquirers. The SFC issued a 2023 circular developing Decreto 1692 on EASPBV board composition, connected activities, non-supervised participants and consumer-protection and disclosure duties, shaping how both bank and non-bank participants engage scheme infrastructure.
Outlook
The module is stable in structure but carries an evidence gap: whether and how the competent authority has set the IIF following the SIC finding is not evidenced this cycle. The broader live SIC action against Visa and Mastercard is tracked under W7. Monitored.
No periodic updates recorded against this sub-brief.
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.
Movement — NEWBre-B standing position establishedFirst baseline capture of the Bre-B instant-payments rail.
Standing sub-brief200 words · last cycle wpm-2026-08-05
Bre-B, Banco de la Republica's interoperable instant-payments scheme, came into full national operation on 6 October 2025. By January 2026 it had 218 participating entities and five fully interoperating SPBVIs, with Gou Payments expected to join as a sixth entrant. The scheme is designed to function as a Pix/SPEI-equivalent rail, using registrable payment aliases to lower the friction of retail electronic payments. That design responds to a historically cash-dominant baseline: as of 2023, 78.6% of Colombian adults preferred cash, a preference Banco de la Republica attributes in part to low prior electronic-payment interoperability. Colombia's Bre-B has achieved rapid institutional uptake within four months of full launch, positioning it as a credible Pix/SPEI-equivalent rail and materially improving payment-system contestability against that historically cash-dominant baseline. A 2026 regulatory update also requires Bre-B participant entities to promptly and clearly communicate technological incidents that interrupt instant payments or transfers to users, layering an operational-resilience obligation onto the scheme's rapid expansion.
Outlook
Watch for confirmation of Gou Payments' formal entry as Bre-B's sixth interoperating participant, and for further BanRep updates on participant counts and alias adoption as the scheme matures beyond its first year of full operation.
Periodic update · new data 2026-08-11 · run wpm-2026-08-05
Payment Corridor Dynamics
Bre-B, Colombia's interoperated instant retail-value payment system, came into full national operation on 6 October 2025. By January 2026, Banco de la Republica reported 218 participating entities and five fully interoperating SPBVIs, with a sixth participant, Gou Payments, expected to complete the interoperating set. This trajectory sits against a historically cash-dominant baseline: as of 2023 data, 78.6% of Colombian adults reportedly preferred cash, reflecting Colombia's low prior level of electronic-payment interoperability. Read together, the corridor-dynamics signal this cycle is that Colombia has moved from a cash-preference baseline toward a functioning, broadly-participated instant-payments rail within a compressed post-launch period, positioning Bre-B as a credible domestic equivalent to regional account-to-account rails such as Pix in Brazil and SPEI in Mexico. The claims underpinning this read are both sourced to Banco de la Republica at source-tier one and classified as high-confidence, giving this corridor-dynamics assessment a stronger evidentiary footing than lower-tier claims affecting other modules this cycle. Both claims carry instrument_type classifications of account-to-account and other respectively, consistent with Bre-B's structure as a bank-account-linked interoperable rail rather than a card-based or stablecoin-based payment instrument, and both are tagged jurisdiction CO with a national_federal regulatory layer, reflecting Banco de la Republica's central role as both scheme overseer and monetary authority.
Outlook
The next corridor-dynamics indicators to watch are whether Gou Payments completes its expected entry as the sixth fully interoperating participant, and whether participation growth continues beyond the initial post-launch uptake curve, which would confirm that Colombia's instant-payments corridor has moved from a launch-phase adoption spike to a durable structural feature of the payments landscape.
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.
Standing sub-brief164 words · last cycle wpm-2026-06-27
Industry Structure & Commercial Dynamics
Colombia hosts the third-largest fintech ecosystem in LatAm, with 300-380+ active fintech startups and around 18% annual growth. Neobanking is led by Nequi (24m+ users, Bancolombia origin, independent since 2022), DaviPlata (~19m, Davivienda), MOVii and Nubank Colombia (~3.4m). Financial penetration rose from 67.2% in 2012 to 92.3% in 2022, with around 20m people still excluded or under-included. This structural landscape is distinct from the discrete commercial events carried under W13 and maps the competitive structure into which new acquirers and international entrants such as Uala and Revolut are scaling.
This is a non-bank PI/EMI-led competitive surface: the leading neobanking players operate outside the traditional bank perimeter even where bank-origin (Nequi, DaviPlata), while card-acquiring incumbents Redeban and Credibanco anchor the bank-aligned infrastructure.
Outlook
The industry structure is stable but competitively active, with substantial residual under-inclusion providing the growth runway. International entrants scaling into the neobanking and acquiring layers are the principal structural watch items; specific deals are tracked under W13.
No periodic updates recorded against this sub-brief.
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).
Standing sub-brief150 words · last cycle wpm-2026-06-27
Legal & Litigation
The most material live legal matter in the market is the SIC investigation against Visa and Mastercard. The SIC imposed precautionary measures in 2022 and formulated a pliego de cargos in 2023 against six Visa and Mastercard entities over conduct allegedly obstructing payment aggregators and the Local Collection Agent (LCA) cross-border model, citing breach of the general prohibition of Ley 155 de 1959 (Art. 1) and Art. 47.10 of Decreto 2153 de 1992, and ordered that the LCA model not be restricted. A live regulator action protecting aggregators and LCA cross-border models directly affects scheme conduct and merchant-acquiring market access, and represents a scheme-conduct precedent for LatAm payment-aggregation access.
Outlook
The matter is escalating and is the most material legal exposure in the market. Its resolution will set scheme-conduct precedent for payment-aggregation access across the region; the trajectory remains live with no final outcome evidenced this cycle.
No periodic updates recorded against this sub-brief.
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.
Standing sub-brief154 words · last cycle wpm-2026-06-27
Merchant Acquiring & Risk
Merchant acquiring was opened by Decreto 1692 de 2020, which created a Registro de Adquirente no Vigilados allowing non-SFC-supervised actors to perform acquiring subject to solvency and capital requirements, or to act as payment-service providers if those are unmet. Cash remains roughly 78-79% of transactions, shaping high merchant onboarding and risk profiles. MOVii has processed about 60% of Colombian e-commerce in three years via neo-acquiring. The non-supervised acquiring register plus the high-cash baseline together define the merchant-onboarding economics that neo-acquirers are exploiting.
The bank versus non-bank distinction is sharp here: supervised banks acquire inside the SFC perimeter, while non-supervised neo-acquirers operate through the dedicated register, with the solvency threshold determining whether an entrant acquires directly or operates as a payment-service provider.
Outlook
The module is established. The neo-acquiring disruption enabled by the non-supervised register is the live dynamic, with the high-cash baseline still providing substantial conversion headroom for electronic acceptance.
No periodic updates recorded against this sub-brief.
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.
Standing sub-brief101 words · last cycle wpm-2026-08-05
Open Banking, BaaS & Product-Access Regulation
The Superintendencia Financiera de Colombia's Open Finance mandate is reported to cover all SFC-supervised entities, extending data-sharing obligations beyond traditional Open Banking accounts and cards into insurance, pensions, investments and crowdfunding. That broader scope signals a materially expanded supervisory data-sharing perimeter for nonbank PSPs and fintechs operating in Colombia. The characterisation currently rests on a single T4 vendor source, however, and awaits corroboration from a T1/T2 SFC circular before it can be treated as confirmed policy.
Outlook
Watch for a T1/T2 SFC publication that confirms or narrows the reported scope of the Open Finance mandate.
No periodic updates recorded against this sub-brief.
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.
Open gap — wpm-int-4W10 APP-fraud regime is characterised as absent; no evidence on whether instant-settlement fraud on Bre-B has prompted any proposed reimbursement or liability-allocation rule, leaving the forward trajectory uncertain.no under-indexing note recorded
Standing sub-brief143 words · last cycle wpm-2026-06-27
Consumer Protection & APP Fraud
Consumer protection in payments runs through Ley 1328 de 2009, the SFC's SAC, per-entity Defensores and the jurisdictional Accion de Proteccion al Consumidor Financiero (maximum one year, extendable six months). Critically, there is no dedicated mandatory APP-fraud reimbursement regime equivalent to the UK PSR model. The SFC launched 'Protegete de los fraudes' on 11 June 2026, an education and disclosure approach. The absence of mandatory reimbursement shifts instant-payment fraud loss allocation onto consumers and firms, a divergence from Anglosphere norms, even as instant-settlement fraud on Bre-B is a recognised emerging concern.
Outlook
The regime is stable but the forward trajectory is uncertain: there is no evidence this cycle on whether instant-settlement fraud on Bre-B has prompted any proposed reimbursement or liability-allocation rule. As instant settlement scales, the loss-allocation gap relative to the Anglosphere is the key watch item.
No periodic updates recorded against this sub-brief.
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.
Standing sub-brief145 words · last cycle wpm-2026-06-27
AML/CFT & Financial Crime
This module is sourced from the Sentinel feed and is carried as provenance only; original illicit-finance analysis routes to FIM. As reported via Sentinel, Colombia's AML/CFT payments posture rests on SARLAFT 4.0 (SFC CE 027/2020) for SFC-supervised entities and SAGRILAFT (Supersociedades CE 100-000016/2020) for the real sector including certain VASPs. The UIAF (Ley 526/1999, Decreto 1497/2014) is the FIU receiving ROS, with crypto transactions over USD 150 reportable. Colombia is a GAFILAT member, is not on FATF strategic-deficiency lists, and is rated Compliant for 14 and Largely Compliant for 16 of the FATF 40 Recommendations. Source: Sentinel feed (sentinel.gi), UIAF Circular Externa 027 de 2020.
Outlook
The AML/CFT surface is stable. WPM carries this as a cross-reference to FIM, which owns money-laundering-typology, sanctions and illicit-finance analysis; the W2 crypto-reporting threshold and W5 cross-border corridors are the connected surfaces flagged to FIM.
No periodic updates recorded against this sub-brief.
Sources and findings (6)
T?FIM (sentinel.gi) per-JID baseline profile — Colombia — 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.
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.
Open gap — wpm-int-5W12 de-risking pressure on Colombian remittance/correspondent relationships is asserted as a recognised risk but not evidenced with specific corridor or counterparty data this cycle.De-risking and correspondent-access stress under-indexed for emerging-market corridors.
Standing sub-brief160 words · last cycle wpm-2026-06-27
Correspondent Banking, Settlement & Access
The analytical spine of this module is the bank versus non-bank settlement-access asymmetry. Banco de la Republica operates core settlement and access, providing deposit and settlement of securities, deposit-account systems, electronic funds transfers, interbank clearing and intraday liquidity to authorised financial institutions. Cross-border settlement runs only through FEM authorised intermediaries, mostly supervised banks and licensed fintechs, with daily compensation-account tracking, while Bre-B's MOL provides domestic 24/7 settlement. FATF Recommendation 13 on cross-border correspondent banking has been re-rated compliant.
Non-bank PSP access to settlement is therefore gated through authorised intermediaries: settlement access mediated by these intermediaries shapes which non-bank PSPs can clear cross-border flows, and de-risking pressure on remittance and smaller players is noted as a cross-border risk.
Outlook
The settlement architecture is stable. De-risking pressure on Colombian remittance and correspondent relationships is asserted as a recognised risk but is not evidenced with specific corridor or counterparty data this cycle, leaving it an under-indexed watch item.
No periodic updates recorded against this sub-brief.
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.
Movement — NEWGou Payments Bre-B entrant trackedNew commercial entrant signal captured.
Open gap — wpm-int-3W13 commercial-intelligence funding figures (Bold, Addi, Finkargo, Simetrik) and the MOVii Peru deal value rely on single Tier-3 sources without disclosed deal terms; post-money valuations and exact close dates are not fully confirmed.Private-company signals and emerging-market deal terms are typically under-disclosed.
Standing sub-brief55 words · last cycle wpm-2026-08-05
Gou Payments is expected to join Bre-B as the sixth fully interoperating SPBVI participant, per Banco de la Republica's January 2026 update on the scheme's participant roster. Terms and integration timing were not publicly disclosed.
Outlook
Confirm Gou Payments' formal go-live as a Bre-B participant in the next cycle.
No periodic updates recorded against this sub-brief.
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