pc
nid 93807
Jul 08, 2026
rghosh@vixio.com
Colombia
Banco de la Republica Colombia
financial services
114% of draft length
draft in Generated
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2005 charsColombia's Central Bank Publishes Modifications to External Regulatory Circular on Interoperability of Low-Value Immediate Payment Systems
On July 7, 2026, the Banco de la Republica Colombia (BR) published for public comment a draft regulation modifying External Regulatory Circular DSP-465 concerning the interoperability of low-value immediate payment systems. The comment period runs for 15 calendar days, ending July 22, 2026, at 5:00 p.m.
The modifications update several key provisions of the original circular issued March 31, 2026. Key changes include: updated classifications of payment orders and immediate transfers with incorporation of legal entity payment definitions; addition of a "Payment Reference" field; updates to operational and messaging standards for processing immediate payment orders and fund transfers; enhanced rules for the Bre-B seal/brand usage; and inclusion of provisions for participants not offering payment methods.
The circular establishes mandatory requirements for entities administering low-value immediate payment systems (EASPBVI) and their participants. It defines five implementation phases beginning with convening the Committee for Interoperability of Immediate Payments, followed by technical standard development, participant system adaptations, key collection and storage, and full operational deployment. Maximum processing time for immediate payment orders remains 20 seconds for 99.5 percent of transactions. The regulation addresses key management processes, compensation and settlement procedures, customer experience requirements, fraud and error handling, and dispute resolution mechanisms. Participants must implement access technologies including keys and QR codes, maintain federated and centralized directories, and comply with data protection requirements under Colombian law.
Responses to the consultation should be submitted through the BR's designated portal. The BR will consider stakeholder feedback before finalizing the regulation. Implementation will proceed according to the phased timeline outlined, with technical specifications to be detailed in subsequent circulars.
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2283 charsColombia's Central Bank Issues Consultation on Interoperability of Low-Value Immediate Payment Systems
On July 7, 2026, the Central Bank of Colombia (BRC) published for public comment a draft regulation modifying External Regulatory Circular DSP-465 concerning the interoperability of low-value immediate payment systems. The modifications update several key provisions of the original circular issued March 31, 2026. Key changes include:
Updated payment classifications. The draft retains existing categories of Payment to a Merchant and Payment to an Individual, and introduces a new category, "Payment to a Legal Entity", covering transfers where the beneficiary is a legal entity without an acquiring relationship.
Introduction of a Payment Reference field. The draft introduces a "Payment Reference" , a numeric or alphanumeric code linked to a payment order that allows the beneficiary to identify the underlying good or service. Participants must offer up to two such fields at the point of initiating a transaction, with the BR to separately define the applicable technical guidelines.
Updated operational and messaging standards (Annex 5). Annex 5, covering ISO 20022 message formats, timestamp requirements, the 20-second maximum processing time obligation, and operational reconciliation processes, is updated to reflect revised standards for both Intra-SPBVI and Inter-SPBVI transaction flows.
Updated Bre-B brand rules (Annex 6). Additional rules on the use of the Bre-B brand are incorporated, extending obligations to Participants that do not offer Payment Instruments, their partners, and affiliated third parties engaged in merchant aggregation activities.
New framework for participants without payment methods (Annex 8). A new annex establishes rules for participants that do not offer their own payment instruments. Administrators of an immediate low-value payment system (EASPBVIs) must require such participants to manage keys through either the service delivery channels of the participant holding the associated Payment Instrument or through the EASPBVI directly, and to clearly disclose to customers that transactions are processed via Bre-B. EASPBVIs must certify compliance with key resolution and transaction processing obligations for these participants in line with BRC guidelines.
Comments and relevant feedback should be sent here by July 22, 2026.