Banco de la República proposes wider uses for Bre-B

Banco de la República reported that Bre-B processed more than 1.7 billion transactions in its first year and disclosed a proposal for comments that would broaden interoperable payment use cases.

The system had more than 36 million users and processed transactions worth more than COP262tn, according to the Banco de la República. More than 116 million Llaves were registered in October, including 45 million used to receive at least one payment.

The notice also reports 245 connected entities, compared with about 25 entities in immediate-payment schemes before Bre-B. The connected group includes more than 172 cooperatives and six payment systems.

Those figures describe adoption and network expansion. They do not establish the competitive or consumer effects of the proposed regulatory change.

From first-year results to a proposal

Banco de la República said it had published the proposal for comments. The notice does not identify a consultation closing date, final instrument or effective date. It describes three intended elements: new use cases, overlay and value-added services, and scope for innovation while preserving an interoperable user experience.

The proposal also addresses immediate-payment innovation in segments that are not yet regulated. The notice gives business payments above Bre-B’s maximum permitted amount of 1,000 UVB as an example.

That example is not an authorisation. The notice does not say that the proposal has been adopted, that business payments above 1,000 UVB will appear in the final text or that providers can begin operating outside existing requirements.

The proposed perimeter test

The central bank’s description links broader use cases and overlay services to common standards. It identifies operational resilience, scalability and new use cases as the next challenges, while preserving interoperability as the condition for the proposed expansion.

The notice describes Banco de la República’s work with the financial and payments industry on standards, common rules, technology and coordination. It records participation by banks, cooperatives, payment systems and other connected entities, but does not set out a division of responsibilities with the Superintendencia Financiera de Colombia or specify additional supervisory requirements.

For participants, the next question is what the final text permits and which standards or limits it attaches to those activities. The official notice does not provide draft articles, technical specifications or a response timetable.

The consultation is the next identified step. Its outcome, any changes to the text and a later final instrument will determine whether business payments above 1,000 UVB and other overlay services move from an identified possibility into an authorised operating use case.