Payments and market infrastructure development – retail: Central Bank of Colombia’s Bre-B
Colombia’s new federated payments system achieved success due to thoughtful planning, proactive regulation and successful onboarding
‘Bre-B’ is a slang expression in Colombia meaning ‘quick and easy’. Its constituent elements appear to apply to the Central Bank of Colombia’s effort to upgrade its payments system, with the process being reasonably ‘quick’ and the change to fast payments appearing to be relatively ‘easy’ for Colombians.
The decision to revamp Colombia’s retail payments system was taken more than three years ago. It came about amid concerns that the existing closed payments approach, which prioritised intrabank
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