What's Happening?
Thunes, a Singapore-based global payment platform, has introduced real-time cross-border payment capabilities in Colombia through the country's new national instant payment system, Bre-B. This system, developed
by Banco de la Republica, the Central Bank of Colombia, allows individuals and businesses to send and receive money instantly across various financial institutions, including banks, cooperatives, digital wallets, and fintechs. Officially launched on October 6, Bre-B has already seen significant adoption, with 30 million users, representing 76% of Colombia's adult population, signing up. Thunes' integration of Bre-B into its Direct Global Network marks a significant step in supporting central banks and regulators in modernizing national payment systems and expanding access to financial products.
Why It's Important?
The introduction of real-time cross-border payments in Colombia by Thunes is a pivotal development in the country's financial landscape. With nearly 78% of transactions still cash-based, Colombia is undergoing a rapid digital transformation. The high bank account penetration rate of over 92% and the increasing adoption of mobile wallets indicate a shift towards a digital-first economy. Thunes' initiative not only accelerates transaction speed and reliability but also enhances financial inclusion by making financial services more accessible and affordable. This move is expected to significantly impact Colombia's economy by reducing reliance on cash transactions and fostering a more inclusive financial ecosystem.
What's Next?
As Colombia continues its digital transformation, the success of Bre-B and Thunes' integration could serve as a model for other countries looking to modernize their payment systems. The increased accessibility and speed of transactions may encourage further adoption of digital financial services, potentially leading to a decrease in cash-based transactions. Stakeholders, including financial institutions and regulators, will likely monitor the system's performance and user adoption closely. The success of this initiative could prompt further innovations in Colombia's financial sector and inspire similar developments in other regions.
