FRT Episode 138: New Payments Infrastructure in Colombia

Finance Regulation Technology

In this episode of FRT, Ana Maria Prieto, Director of Payments System at the Central Bank of Colombia (Banco de la República), discusses the new payments infrastructure being built in Colombia, key objectives of the new system such as interoperability and security, and the timeline envisioned for this project. Ana Maria also provides insights on how private and public collaboration is fundamental for the new payments model in Colombia and how the different roles played by central banks and private actors complement each other to reach the end-users in the new infrastructure.

Ana Maria also shares her views on how to navigate the potential conflicts of interest that can arise from having an actor with two hats: regulator on one side, and market player on the other. The chapter ends with considerations around cross-border payments, the benefits of cross-border collaboration, and the role Colombia visualizes for retail and wholesale CBDCs.