Cobre, a Texan-based financial technology platform, has become the first fintech company to launch real-time – interbank B2B (business to business) payments in Colombia as a pioneering step for the Latin American fintech ecosystem. The new service allows business individuals and companies to send and receive money within seconds all through the day, seven days a week; it does not have to be a weekday or a working day like every other inclusive of weekends and holidays- a paradigm change in financial negotiations of the Colombian companies.
Business Payments in Colombia undergo a huge transformation
It is the first of its kind of real-time solutions on corporate transactions in Colombia. Historically, Small Businesses often spent hours- or days- making an interbank payment. Businesses and its customers can now transact these sales immediately and safely due to the presence of Cobre infrastructure and eliminate this hassle of waiting time in the case of large banking systems.
“The Colombian consumers had access to real-time payments long ago. Enabling the same convenience in businesses essentially revolutionizes the way finance and treasury teams conduct operations,” said José Vicente Gede n, CEO and Co-founder of Cobre.
The way the Technology works.
The system of Cobre operates with payment aliases (or rather known as the keys) which is then associated with a bank account of the business. This is an email, phone number, or tax ID- Which can be utilized as a way to identify where money is supposed to be sent in a simplified, and secure manner.
Key Features:
- 24/7 Availability: Transactions are processed every day of the year, including holidays.
- Instant Confirmation: Businesses receive real-time alerts and status updates.
- Automated Reconciliation: Payment data is easily integrated into accounting software for fast and accurate recordkeeping.
The technology not only allows companies to get funds in a shortened time span, it also provides them with the visibility and capability to handle the money more effectively.
Why It Matters for Colombian Businesses
The financial infrastructure of Colombia is developing at a very fast pace and real-time customer payments services are already available via such platforms as Transfiya. Business payments have not kept up however, and now such change is possible.
Incorporating the new B2B payment feature into the work of Cobre, companies, both big and small, obtain access to:
- Faster Cash Flow: Immediate payments improve liquidity and reduce the need for working capital loans.
- Reduced Operational Costs: Eliminating payment delays means fewer late fees and penalties.
- Improved Financial Planning: Businesses can manage budgets and forecasts with greater accuracy.
“Not just a speed lens, however, a fundamental breakthrough in the way the world of finance is handled by companies, according to Andr Rybak, CFO of a logistics company that has been piloting the feature.
Supported by National Infrastructure Upgrades
This innovation is in line with the overall evolution of the national payment systems of Colombia. In a later point in 2024, the Central Bank of Columbia has partnered with ACI Worldwide to debut the novel real-time payment infrastructure that is expected to be implemented later in the year 2025.
The real-time solution provided by Cobre fits the upgrade of this national bank infrastructure making it at the helm of financial modernization in Colombia.
Cobre’s Broader Vision and Platform Capabilities
Cobre was founded in 2020 to become a name people can rely on and trust as a Latin American provider of fintech payments infrastructure today and the future.
The Cobre Platform Offers:
- Cobre Connect – Consolidates all corporate bank accounts into one interface.
- Local Payments – Enables instant domestic transfers within Colombia and Mexico.
- Cross-Border Payments – Offers fast and transparent international B2B payments.
By 2024, the payment volume amount the company handled exceeded 10 billion dollars, and more than 12 million transactions took place. Cobre also made more than 20,000 real-time international payments showing healthy demand and technical capability.
Cobre In September 2024, Cobre closed a Series B round of 35 million led by QED Investors and Oak HC/FT in international investors so that it could scale its products and geographical presence.
Who Benefits?
This emergence has direct consequences in some main spheres of the Colombian context:
- Manufacturing & Logistics: Suppliers and Carriers are paid far faster and supply chains are run much more efficiently.
- Exporters & importers: Settlement of funds in real time allows greater harmony to be created across borders.
- Financial Institutions & FinTech’s: Banks and digital lenders can enhance their offerings by integrating with Cobre’s system.
- Startups & SMEs: Instant liquidity means faster reinvestment and scaling opportunities.
A Step Toward the Future of Business Finance
Since financial ecosystems are evolving to open banking and automation, the solution of Cobre can make Colombia closer to a fully digitized, efficient economy. Cogged Treasury and finance departments that were time consuming due to manual transfer, follow-ups and reconciling are now able to operate with precision, speed and transparency.
“According to Gedeon, their aim is to create infrastructure which will allow companies to conduct business in real-time, the same way their customers are.
Looking Ahead
Cobre will next take its real-time B2B payments to Mexico, where usage of modern corporate financial instruments is rapidly increasing. The firm is additionally spending in AI-driven analytics, fraud prevention, and further incorporations with ERPs (enterprise resource planning systems) to make sure clients can streamline their financial activities further.
Conclusion
The recent introduction of real-time B2B payments in Colombia by Cobre is not only an interesting provision; it represents a paradigm change in how enterprises operate with money. Cobre removes the slow speeds of conventional banking infrastructure and has made business payments into a new standard of Latin American business. Such an innovation introduces speed and the tools that Colombian firms require to stay competitive in a speedy digital economy.