Report on Financial Market Infrastructures and Payment Instruments 2026

Retail Payment Systems

• In 2025, Colombia’s Automated Clearing Houses, ACH Colombia and ACH Cenit, recorded annual increases of 15% in value and 2.3% in the number of transactions processed.
• During 2025, retail payment systems that clear and settle debit and credit card payment transactions recorded 21% increases in transaction value and 19% in transaction volume.
• The implementation of the Operational Settlement Mechanism (MOL, for its acronym in Spanish), as part of the Bre-B framework, introduced a new dimension to the oversight of instant retail payment systems and the assessment of intraday liquidity. Since October 2025, Bre-B instant transfers have been settled through the MOL on a 24/7, gross, real-time basis against deposit accounts held at Banrep. During its first months of operation, available funds remained stable while the value of transactions processed increased gradually, highlighting the importance of monitoring liquidity dynamics under this new operating framework.
• The instant payments ecosystem showed greater interoperability among institutions and payment systems. Although most transactions continue to be processed within each instant retail payment system, records from the MOL show an increase in transaction flows between instant retail payment systems.

Payment Instruments

• In 2025, the use of retail electronic payments in Colombia continued to expand. Transfers remained the most widely used electronic payment instrument, driven by the growth of intrabank transfers, mobile wallets, and instant transfers made through Bre-B.
• Instant transfers recorded significant growth, reaching a transaction volume equivalent to 2.5 times the number of traditional interbank transfers.
• Debit and credit card purchases continued to increase.
• Checks continued to lose share in terms of the number of transactions, although they remain relevant for large-value payments, particularly those made by legal entities.
• Cash remains the payment instrument most commonly used for everyday transactions. However, its use continues to decline, in contrast to the increase observed in currency in circulation.

Trends and Innovations in Payments

• The tokenization of central bank reserves could help modernize transaction settlement while preserving their role as a safe settlement asset. However, its benefits depend on integration with existing financial market infrastructures and on preserving settlement in central bank money, as well as security, and financial stability.
• Regional interoperability among post-trade infrastructures could support the integration of stock exchanges, provided that it is implemented gradually and under an appropriate risk-management framework.
• The interconnection of instant payment systems could enhance cross-border payments by making them faster, more traceable, and more efficient. International experience shows that achieving these benefits requires common standards, clear rules, and adequate risk management.