Colombia Builds Bricks of Digital Payment Infrastructure

The World Economic Forum has recently published an article describing Colombia’s work to create Digital Public Infrastructure (DPI), a key element of which is interoperable digital payments.

The Centre for Public Digital Infrastructure has identified three key components to build digital economies.

1.Interoperable digital payments

Colombia is developing a new fast payment system (FPS) that will allow real-time digital payments 24 hours a day, seven days a week. It will launch in May 2025. Banco de la República, Colombia’s central bank, is leading this development in close collaboration with the private sector, with a focus on co-creation, interoperability, efficiency, inclusion and innovation to reach the last mile.

To ensure a comprehensive and inclusive approach, Banco de la República has established a Payment Systems Forum, involving stakeholders such as financial regulators, banks, fintech companies and electronic money issuers. They co- designed the operating rules and model, agreed on the technical requirements, and built consensus about clearing and settlements.