Colombia's New Instant Payment System: BRE-B Launches July 14th

Colombia Launches New Instant Payment System: BRE-B Colombia is set to revolutionize its banking system with the launch of BRE-B, a new instant payment system. Starting July 14th, Colombians can begin registering their bank keys, a crucial step for utilizing the system. This initiative promises to make bank-to-bank transfers immediate, free, and simple, a significant improvement over the current system. "A partir del 14 de julio," explains Ana María Prieto, Directora Departamento de Sistema de Pagos Banrep, "las entidades empezarán a ofrecer la zona breve dentro de las aplicaciones." This means that from July 14th, financial institutions will integrate BRE-B into their apps, allowing users to register their keys and begin using the new system. The full launch is expected in September. The system utilizes unique "keys" associated with each bank account. Users can choose from several key types: phone number, ID number, email, or an alphanumeric key provided by their financial institution. Luis Miguel Zapata, Vicepresidente de Ecosistemas de Bancolombia, emphasizes the convenience: "Las llaves permiten que las personas puedan recibir dinero de cualquier entidad financiera sin tener que compartir su número de cuenta." This means users can receive money from any bank without sharing their account details, enhancing security and privacy. BRE-B's implementation marks a significant step forward for Colombia's financial infrastructure, promising greater efficiency, accessibility, and security for all citizens.