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pc nid 91172 Mar 09, 2026 ggallwey@vixio.com Colombia Banco de la Republica Colombia financial services
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Colombia's Central Bank Updates Operational Mechanism for Real-Time Low-Value Payment System Settlements

On March 5, 2026, the Banco de la República (Colombia's central bank) issued Circular Externa Operativa y de Servicios DSP-471, replacing its previous circular from October 30, 2025, regarding the Reglamento del Mecanismo Operativo para la Liquidación (MOL — Operational Mechanism for Settlement). The MOL processes settlement instructions for immediate payment orders and fund transfers (OP/TF Inmediatas) within Colombia's real-time low-value payment systems. The updated circular incorporates two significant modifications: it permits payment system administrators (Entidades Administradoras de Sistemas de Pago de Bajo Valor Inmediatos — EASPBVI) to use their own settlement schemes as operational contingencies when the MOL is unavailable, subject to notification to the central bank. Previously, this contingency measure was classified as a transition provision. Additionally, the circular modifies notification requirements for scenarios where participants experience unavailability lasting 20 minutes or longer that prevents customers from executing immediate payment orders. It also establishes notification protocols when EASPBVI apply inactivation measures to participants due to technical failures. The MOL operates 24/7/365, providing real-time gross settlement against deposit accounts maintained by participants at the Banco de la República. The circular establishes comprehensive procedures for participant access, liquidity management through configurable parameters, operational controls, and contingency protocols. Technical support is available through email (admimol@banrep.gov.co) and telephone channels. The circular applies to all EASPBVI and participants in Colombia's immediate low-value payment systems. The updated regulations are effective immediately upon publication. Participants requiring additional information should contact the Banco de la República through the designated communication channels specified in the circular.

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DSP-471

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pc nid 91173 Mar 05, 2026 ggallwey@vixio.com Colombia Banco de la Republica Colombia financial services
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Colombia's Central Bank Updates Operational Mechanism for Real-Time Low-Value Payment System Settlements

On March 5, 2026, the Banco de la República (Colombia's central bank) issued Circular Externa Operativa y de Servicios DSP-471, replacing its previous circular from October 30, 2025, regarding the Reglamento del Mecanismo Operativo para la Liquidación (MOL — Operational Mechanism for Settlement). The MOL processes settlement instructions for immediate payment orders and fund transfers (OP/TF Inmediatas) within Colombia's real-time low-value payment systems. The updated circular incorporates two significant modifications: it permits payment system administrators (Entidades Administradoras de Sistemas de Pago de Bajo Valor Inmediatos — EASPBVI) to use their own settlement schemes as operational contingencies when the MOL is unavailable, subject to notification to the central bank. Previously, this contingency measure was classified as a transition provision. Additionally, the circular modifies notification requirements for scenarios where participants experience unavailability lasting 20 minutes or longer that prevents customers from executing immediate payment orders. It also establishes notification protocols when EASPBVI apply inactivation measures to participants due to technical failures. The MOL operates 24/7/365, providing real-time gross settlement against deposit accounts maintained by participants at the Banco de la República. The circular establishes comprehensive procedures for participant access, liquidity management through configurable parameters, operational controls, and contingency protocols. Technical support is available through email (admimol@banrep.gov.co) and telephone channels. The circular applies to all EASPBVI and participants in Colombia's immediate low-value payment systems. The updated regulations are effective immediately upon publication. Participants requiring additional information should contact the Banco de la República through the designated communication channels specified in the circular.

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Colombia's Central Bank Updates Operational Mechanism for Real-Time Low-Value Payment System Settlements

On March 5, 2026, the Board of Directors of the Central Bank of Colombia issued External Regulatory Circular DSP-465 amending Annex 5 of the Payment Systems Department Manual concerning the interoperability of immediate low-value payment systems. The update introduces additional technical and operational standards governing the clearing and settlement of immediate payment orders and fund transfers processed through these systems. The amendments establish detailed requirements for timestamp generation and synchronization across payment system infrastructures, including the use of clocks synchronized with Colombia’s official legal time service and the incorporation of the International Organization for Standardization financial messaging standard (ISO) 8601 timestamps in messaging flows. The circular also clarifies messaging standards, such as the use of ISO 20022, alongside procedures for handling error codes, exception flows and operational incidents during the clearing and settlement of immediate transfers. In addition, the circular introduces operational performance standards for the processing of immediate transfers. Immediate payment orders and fund transfers must generally be completed within 20 seconds in at least 99.5% of transactions, while a maximum processing timeout of 45 seconds applies to the clearing and settlement flow. The framework also establishes monitoring and reporting obligations relating to processing times. The circular further introduces rules on customer notifications and operational reconciliation. Payment system administrators must ensure that participants notify clients promptly when payment instructions cannot be processed or when service disruptions occur. The amendments also require administrators to establish procedures enabling participants to perform operational reconciliation across all transactions and to provide access to reconciliation mechanisms and support channels for reporting discrepancies. The provisions apply to administrators of immediate low-value payment systems and their participants, including financial institutions processing payment orders or instant transfers. The circular takes effect upon publication; however, the obligations introduced in Section 2, relating to exception handling, failure notifications and operational reconciliation processes, must be implemented within two months of publication.