The update regulates immediate payment systems and fund transfer processing standards for low-value transactions, which are core retail payment services provided through banking infrastructure.
Low confidence — REQUIRES HUMAN REVIEW. This is purely operational/technical infrastructure regulation for payment systems; no investment, lending, or asset management angle is present, so Investment Services does not apply.
Specialism
The update establishes operational and technical standards for immediate payment system interoperability, including messaging protocols, error management, and settlement procedures, which constitute regulatory reporting and operational requirements for payment system administrators.
Mandatory inheritance: Regulatory Reporting is a child of Supervision, so Supervision must be raised as the secondary tag to reflect the regulator's oversight function.
2026-03-09 15:16:41·ggallwey@vixio.com
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TITLE: Colombia's Central Bank Updates Interoperability Standards for Low-Value Immediate Payment Systems
BODY:
On March 6, 2026, the Board of Directors of Banco de la República (Central Bank of Colombia) published External Regulatory Circular DSP-465, modifying Annex 5 concerning interoperability standards for low-value immediate payment systems. The circular addresses operational and messaging standards for processing immediate payment orders and fund transfers.
The modification introduces enhanced guidelines for error code management in compensation and settlement processes, as well as updated terms and conditions for failure event notifications to customers. Low-value immediate payment system administrators (EASPBVI), participants, the Financial Superintendency of Colombia (Superintendencia Financiera de Colombia), and the Solidarity Economy Superintendency (Superintendencia de la Economía Solidaria) are the primary stakeholders affected.
Key requirements include: synchronisation of system clocks with Colombia's National Institute of Metrology (Instituto Nacional de Metrología de Colombia) legal time service using ISO 8601 standards; implementation of standardised error codes for messaging between payment system administrators and the Operative Settlement Mechanism (MOL); and immediate notification to customers of transaction failures with minimum information requirements. The circular establishes a 45-second timeout threshold for compensation and settlement processing and mandates a maximum five-second resolution time for key resolution requests at 99.5 percent compliance. Payment system administrators must maintain weekly descriptive statistics on transaction processing times and implement daily operational reconciliation procedures across all transaction states.
Entities must comply with section 2.2.3 requirements regarding customer notifications during participant or system unavailability within two months of publication. The circular takes effect upon publication.