Colombian Central Bank publishes for comments a new version of the regulation related to the Interoperability of Immediate Payment Systems

On September 18, 2023, Colombian Central Bank shared a new version of the draft resolution and draft circular that will regulate the interoperability of the Immediate Low Value Payment Systems (SPBVI, as per its acronym in Spanish). This new version was built based on more than 500 comments sent by more than 40 entities of the financial sector, private associations, and public entities. The Colombian Central Bank shared the main changes incorporated in the draft resolution and circular in a webinar broadcasted on September 19, 2023. Among the changes presented, the following stand out:

• The definition of “Customer” was adjusted to ensure that it refers to a financial consumer as defined by Law 1328 of 2009 and the rules that modify or replace it.

• The concept of “Interoperability” was adjusted to include the possibility of transfers to more than one beneficiary.

• The article establishing the different types of Payment Orders and/or Transfers (i.e. to Commerce and to Individuals) was eliminated from the draft Resolution in order to regulate this matter in the draft Circular. This change allows for the easier addition of more use cases in the future.

• Inclusion of an prohibition for SPBVI administrative entities from engaging in discriminatory practices and activities related to Access Technologies,  standards and conditions for the processing of payment orders and (iii) fees, prices and/or associated charges.

• The mention of the maximum value of a Payment Order and/or Transfer was eliminated from the draft Resolution. This will be regulated in the draft Circular, allowing for easier future modifications.

• After a consultation process and a review of international experience, it was established that a key (i.e. e-mail, cell phone, ID, etc.) can only be associated with one payment method (a deposit product) for the processing and execution of Payment Orders and/or Transfers. The initial draft Resolution foresaw that multiple keys could be associated with a single payment method.

• The draft Resolution foresees the obligation for the EASPBVI to have their own regulations for the SPBVI they manage, which will include the obligations of the participants and the interoperability conditions, among other aspects. This must be approved by the SFC and must also contain the information provided in Article 2.17.2.1.12 of Decree 2555 of 2010.

• The draft resolution foresees a change in the times that each of the phases of readiness and entry into operation of the ecosystem of immediate low-value payments will take and the times associated with the entry into operation of each of the modules that Banco de la República will provide for such purpose. It is important to mention that, while the ecosystem’s transaction settlement module enters operation, the settlement of intra-SPBVI transactions can be made in checking or savings accounts in credit institutions or in the CUD accounts of Banco de la República, subject to the agreements reached between the different EASPBVI.

Likewise, the webinar clarified that although the draft regulation stipulates that the settlement of inter-SPBVI and intra-SPBVI transactions should occur within the settlement module provided by the Colombian Central Bank, it does not mean that the EASPBVI will delegate to the Colombian Central Bank their duty to clear and settle transactions. This obligation will continue to be the responsibility of the EASPBVI. The Colombian Central Bank will only provide the infrastructure for them to do so.