Colombia

Decreto 1692 de 2020 lets acquirers that are not SFC-supervised operate only if entered in the SFC's register of unsupervised acquirers before joining their first low-value payment system (Art. 2.17.3.1.2); the SFC has two months from a complete application to decide. At registration they must be a sociedad anónima with paid-in capital of at least 1,700 monthly minimum wages, and from the first year of operation paid-in capital of at least 2% of settlement funds received in the previous 12 months. They must keep settlement funds separate from their own funds and other persons' funds, with sums owed to merchants held in credit institutions or SEDPEs (Art. 2.17.3.1.5), and must transfer settled funds to users immediately if registration is suspended or cancelled (Art. 2.17.3.1.3).