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Across Latin America, government-managed instant payments systems are fostering financial innovation and inclusion, while simultaneously challenging the dominance of cash and other traditional payment methods. Especially with Brazil’s achieving remarkable user adoption rates and transaction volumes in recent years, other regional players have been keen to replicate the system’s success within their own borders.
The latest such example is Colombia’s instant payments system, launched by the Bank of the Republic (BanRep) on . by BanRep as a “tool capable of promoting financial inclusion, reducing cash use and fostering emerging technologies”, the regulatory groundwork for Bre-B was laid with the issuance of in 2023 and, subsequently, in 2024.
Bre-B allows individuals and businesses in Colombia to send and receive funds in real time and on a 24/7 basis by enabling interoperability between financial institutions and digital wallets. The system relies on the use of unique keys, which act as identification for individuals and businesses when initiating transactions. Registration for Bre-B keys was opened on , with more than already having registered as of October 2025.
Bre-B’s launch ushers in a new era of financial immediacy and innovation in Latin America’s fourth-largest economy. However, Bre-B is not just a local story; instead, it is a part of a broader instant payments trend sweeping the region.
The bigger picture
Bre-B marks a major step in Latin America’s instant payments evolution, where immediate, interoperable payments are becoming a cornerstone of economic modernisation across the region, spearheaded by regional powers such as Brazil and Mexico.
Pix, launched by the Central Bank of Brazil (BCB) in 2020, stands out as the region’s biggest instant payments success story. By the end of 2024, there were more than using the system, which accounted for nearly in the country, according to BCB data. Innovative features, such as and payments, have further cemented Pix as a model for Brazil’s regional neighbours.
Elsewhere in Latin America, the Bank of Mexico (Banxico) launched the instant payments system in 2019. Built on the existing Interbank Electronic Payments System (SPEI) infrastructure, CoDi enables QR code-based payments. Although, unlike Pix, it does not command a large market share in Mexico, CoDi was one of the first systems in the market. According to Banxico data, were registered as of October 2025. User adoption still has a way to go, however, as only 2.5m of these users have ever recorded a payment.
A significant factor contributing to Pix and CoDi’s divergent growth rates is market collaboration. Whereas the BCB’s regime of for large financial institutions ensures that the ecosystem is populated with a wide array of reputable service providers for Pix users, CoDi relies on a voluntary participation model driven by a capable of integrating with the system.
As a patchwork of instant payments systems takes shape in Latin America, payment service providers (PSPs) and fintechs should take note of how this phenomenon is fundamentally reshaping both consumer preferences and the region’s regulatory landscape.
From a consumer perspective, instant payments are gaining momentum in Latin America in large part because much of the population remains unbanked. A 2024 by BanRep, for example, found that only 18.3 percent of Colombians had access to credit cards, and only 31 percent had access to debit cards. Instant payments make it possible to transfer funds using just a phone number, QR code or other unique identifier, and without needing a physical payment card or traditional bank account. Systems such as Bre-B lower the hurdle for millions of Latin American consumers to formally participate in the financial system, especially as smartphone and internet penetration continues to increase throughout the region.
At the same time, momentum is being catalysed by central banks and other regulators eager to modernise their respective economies in the region. This is evidenced in other jurisdictions that have adopted instant payments systems, such as Argentina (), Costa Rica () and El Salvador (). Alongside the arrival of Bre-B, it is clear that these systems are no longer just an experiment in the region – they are becoming the default.
By creating and managing instant payments systems, regulators are not only tackling financial exclusion head-on, but also incentivising collaboration with Latin America’s vibrant fintech sector. Agile by design, fintechs are capable of seamless integration with instant payments systems, and are therefore empowered to grow alongside these systems as they gain traction with users.
Why should you care?
Understanding the instant payments landscape is a strategic imperative for PSPs and fintechs operating in or looking to enter Colombia, or elsewhere in the Latin American market, from both a strategic and compliance perspective.
In Colombia, where Bre-B is still in its infancy, firms should quickly adapt service offerings to integrate with Bre‑B or risk losing market share to more nimble and technologically capable competitors. Under a regulatory framework that is still opaque and likely to evolve at pace, compliance teams should closely monitor regulatory developments surrounding Bre-B, avoiding a wait-and-see approach and adopting a proactive one instead. Compliance teams should also ensure that policies and procedures are put in place that align with existing regulatory obligations, as well as continuously updating them as the Bre-B framework crystallises.
In markets such as Brazil or Mexico, where instant payments systems have now matured, it is equally crucial that PSPs and fintechs are attentive to nuanced licensing requirements and supervisory expectations, especially given the speed and scope of these systems. Compliance teams should consider existing regulations – and anticipate incoming ones – that may necessitate adjustments to anti-money laundering (AML) policies, data storage practices and prudential standards. In Brazil, for example, 38 Pix regulations have been issued since October 2024, according to žž’s Horizon Scanning data, indicating consistent development and enhancements to the system that need to be considered.
At the same time, in these markets, strategy teams should not underestimate the value of user-friendly integrations of instant payments systems and any new functionalities in mobile apps and other digital interfaces. These features are essential to remaining competitive, as systems work to solidify themselves as the preferred rails for millions of daily transactions. Whether they do so, as evidenced by the divergent growth rates of Pix and CoDi, depends on factors such as institutional participation and regulatory responsiveness to market demands.
One particular consideration that must be made by PSPs and fintechs throughout Latin America is the prevalence of fraud surrounding instant payments systems. Weeks before the launch of Bre-B, BanRep issued a to users on how to avoid financial scams in response to increasing reports of fraud attempts within the system. Likewise, in Brazil, fraud has been the subject of recent rulemaking, with the BCB introducing several regulations in September 2025 designed to clamp down on and within the Pix system. The BCB has also formalised a participating Pix instutions, as well as introducing a available for Pix users in cases of suspected fraud.
Turning to the United States, PSPs and fintechs may take note of a 2024 Consumer Financial Protection Bureau (CFPB) in anticipation of potential regulatory scrutiny surrounding fraud in the evolving Latin American instant payments market. While this lawsuit was ultimately dropped, the CFPB found that financial institutions failed to put safeguards in place to protect consumers against instant payments fraud.
As such, compliance teams should consider implementing robust fraud detection tools, cyber risk mitigation measures, and other safeguards tailored to instant payments in order to protect their users, preserve their brand reputation and avoid costly enforcement actions.
As Bre-B and other instant payments systems redefine how money moves across Latin America, the PSPs and fintechs that move in step with the regulators and consumers shaping the rails will be those driving the future of finance in the region.
