COLOMBIA

On September 16, the plenary of the Senate debated in mixed session the bill that establishes rules related to the payment system and the capital market. After the session, the proposal to create a subcommittee to review the articles and propositions of the bill was approved. The subcommittee is expected to discuss the bill in the medium term.

In order to preserve the normal functioning of payments in the economy, to guarantee greater transparency and to ensure public access to payment services, the measure seeks to include provisions on payment service providers, regulatory agencies, and the supervision of the payment system. In addition, measures will be implemented to modernize subsectors of the financial system and strengthen the regulatory framework. 

The bill also proposes that Colombia move towards a flexible legal framework in line with international standards, generating greater technological adoption and innovation in the local financial system. In this sense, the initiative proposes that there be a single regulator with greater capabilities for the promotion of universal, efficient and secure access to the payment system and the creation of a regulation for transactions such as fund transfers through accounts or deposits, clearing and settlement of payment orders.