- Partnership Announcement: The Central Bank of Colombia, Banco de la República, collaborates with global payments software firm ACI Worldwide.
- Technology Selection: ACI’s Enterprise Payments Platform chosen to power the new domestic real-time payments system in Colombia.
- System Launch: The real-time payments system, set to launch in 2025, aims to become the base layer for all present and future real-time payment schemes.
- Latin American Milestone: Described as the first initiative of its kind in Latin America, involving collaboration among government, regulators, private banks, and the central bank.
- Stakeholder Collaboration: Stakeholders, including government, regulators, private banks, and the central bank, working together to bring real-time payment benefits to Colombian consumers and businesses.
- Economic Impact: ACI Worldwide predicts that real-time payments in Colombia could drive annual GDP growth of up to 2%, with transactions expected to surge from 15 million in 2022 to 92 million by 2027.
- Global Experience: ACI Worldwide, with a track record in similar projects worldwide, is well-positioned to help Colombia achieve a real-time and digital-first payments ecosystem.
- Digital Transformation: The partnership places the Central Bank of Colombia in a strong position to realize a digital-first payments ecosystem, enhancing economic growth and financial inclusion.
- Previous Success Stories: ACI Worldwide has assisted entities like Kiwibank, Security Bank Corporation, and Cámara de Compensación Electrónica in achieving real-time payment capabilities globally.
- Potential Impact: Tom Warsop, CEO of ACI Worldwide, highlights the opportunity for Colombia to drive economic growth and financial inclusion through the liquidity improvements and market efficiencies offered by real-time payments.
Central Bank of Colombia partners ACI Worldwide for real-time payments system
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