Colombia | Bre-B: The new era of payments, free, instant, and for everyone in Colombia

Summary

In the second week of September, Bre-B, the new low-value payment system developed by the Central Bank of Colombia (Banco de la República), will become operational. Its value proposition includes the ability to make payments and transfers that are free, secure, and easy between individuals and businesses.

Key points

• Key points:
• Bre-B will allow payments and transfers to be made in an immediate and 24/7 scheme.
• Interoperability implies the possibility of making transactions from any digital channel where people have their account or deposit.
• During the first three years, the Banco de la República will not charge participants for the use of the services it offers.
• The success of Bre-B is key to digitizing low-value transactions in the economy, thus enabling higher levels of financial and credit inclusion, formalization, and technological deepening.

Geographies

Topics

Tags