Colombian businesses are adopting digital banking and virtual accounts at a rapid rate, fundamentally changing how companies manage funds, reconcile payments, and access new markets. With Named Virtual Account Colombia solutions, both local and international organizations can streamline operations and eliminate many pain points of traditional banking. According to DataReportal, Colombia’s internet penetration reached 75.7% in 2023, and the number of online financial transactions has surged, reflecting a strong appetite for digital tools (DataReportal, 2023).

For companies looking to accelerate cross-border business, lower operational costs, and meet compliance needs, Mural Pay’s virtual accounts are a strategic option.

What Is a Named Virtual Account? (and Why Does It Matter for Colombian Businesses?)

A Named Virtual Account in Colombia is a dedicated digital sub-account assigned specifically to your business, allowing for precise fund tracking and reconciliation tied to your unique identity. Unlike generic accounts, named virtual accounts support detailed financial oversight and auditability, making them especially valuable for businesses that need transparency and regulatory compliance.

The Financial Superintendence of Colombia (SFC) describes virtual accounts as digital tools enabling users to perform transactions without relying on physical branches, provided all regulatory and KYC standards are met (SFC, 2024). By leveraging Virtual IBAN Colombia and multi-currency features, businesses can receive payments in USD, COP, or even stablecoins, improving international transactions and reducing FX costs.

For more on terminology, see our virtual account glossary.

The Colombian Regulatory Landscape: What You Need to Know Before Opening a Virtual Account

Colombia’s rules for virtual accounts are shifting as authorities seek to balance innovation and security. The Colombian Banking Regulations Virtual Accounts space is primarily overseen by the SFC, which enforces AML and CFT standards.

In December 2021, the Financial Information and Analysis Unit (UIAF) issued Resolution 314, requiring all entities offering virtual asset services to implement strong AML controls and report suspicious transactions (DLA Piper, 2022). However, regulatory uncertainty remains, as Colombia’s frameworks are still being updated and must align with international FATF standards for AML/CFT. Participation in the SFC’s regulatory sandbox by major banks such as Bancolombia and Davivienda further signals the country’s push for fintech innovation within a compliance-driven framework.

For a deeper dive on compliance, see our post on cross-border payment compliance guidance.

Step-by-Step: How to Set Up a Named Virtual Account for Your Colombian Business

Setting up a Virtual Account Setup Colombia process is straightforward when you follow these key steps:

1. Gather Legal Documentation: Prepare your business’s certificate of incorporation, tax ID (NIT), bylaws, and financial statements.

2. Verify Legal Representative: Submit valid identification for your legal representative (cédula de ciudadanía or passport for foreigners).

3. Provide Proof of Address: A recent utility bill or lease agreement is standard.

4. Complete KYC Procedures: Most providers require detailed KYC forms and may ask for in-person verification. Some providers may require in-person identity checks, especially for foreign representatives.

5. Engage with Your Provider: For digital-first fintechs like Mural Pay, onboarding can often be completed in days, especially if integrating via API documentation.

6. Local Entity Registration (for foreign businesses): International firms must register a local branch or appoint a Colombian legal representative.

Most Colombian fintechs report onboarding processes as fast as 1–3 days if all documentation is provided upfront (Movii, 2024).

For technical integration, review Mural Pay’s API docs.

Virtual Accounts vs. Traditional Business Accounts: Which Is Right for You?

Virtual accounts also enable easier integration with accounting software for automatic reconciliation and real-time financial tracking. According to GlobalData (2024), Colombian businesses are increasingly adopting digital and virtual accounts, with the share of business banking customers using digital platforms rising steadily.

For a full breakdown, see our post on virtual vs. traditional account pros and cons.

Real-World Success: Digital Account Adoption in Colombia

Colombia’s fintech sector has seen remarkable growth, with leading platforms like Movii, Nequi, and Davivienda driving digital financial inclusion.

Movii, for example, expanded its user base from 300,000 to 1.1 million in a single year, with 70% of users previously unbanked—highlighting the transformative power of digital wallets and virtual accounts (Financial Times, 2023). Movii also played a central role in disbursing over 200,000 government welfare payments, demonstrating the impact of fintech in expanding access to essential services. Similarly, Davivienda’s digital transformation enabled the rapid deployment of over 500 remote workstations and achieved 99.9% network availability (AWS, 2022).

For more industry examples, check our stablecoin-to-fiat integration case studies.

Key Compliance Risks and Best Practices for Virtual Accounts

Adhering to Colombian Banking Regulations Virtual Accounts and strong KYC/AML protocols is non-negotiable for any business leveraging digital accounts.

Key Red Flag: The UIAF warns that “unusual transaction patterns, such as frequent large transfers without business justification, are a prime compliance red flag” (UIAF, 2022).

Best practices: Invest in regular compliance training, strong KYC verification, and real-time transaction monitoring to minimize risk and maintain audit readiness. Participate in regulatory sandbox programs when available to pilot and fine-tune compliance measures.

For more, see our post on KYC/AML compliance for Colombian fintechs.

Integration Challenges and Advanced Tips for Colombian Businesses

Integrating virtual accounts with existing banking or ERP systems can be challenging, especially for businesses with legacy infrastructure. Colombian banks like Bancolombia and Davivienda have participated in the SFC’s regulatory sandbox to pilot and refine integration approaches, reflecting Colombia’s proactive fintech stance (Medium, 2022).

Remember, DIAN treats digital assets as taxable intangible assets, so it’s critical to factor tax reporting into your integration plan.

Tips: Plan for interoperability, stay updated on regulatory sandbox outcomes, and engage providers with proven API documentation.

For more on technical integration, visit our API-first payment integration tips.

Frequently Asked Questions About Virtual Accounts in Colombia

Q: How long does it take to open a virtual account in Colombia?
A: Most digital-first fintechs offer onboarding in 1–3 business days if documentation is complete (Movii, 2024).

Q: Are there significant costs to open a virtual account?
A: Setup and maintenance fees are generally lower than traditional banks; some fintechs may waive initial fees or offer tiered pricing.

Q: Which banks or fintechs provide virtual account services?
A: Major providers include Nequi, Daviplata, Movii, and Lulo Bank. For foreign businesses, engaging a local legal representative may be required.

For a deeper guide, review our post on foreign business account setup guidance.

Conclusion: The Future of Virtual Accounts for Colombian Business Growth

As digital adoption accelerates, Digital Banking Solutions Colombia and Colombian Business Banking Solutions are poised for exponential growth. According to GlobalData, the share of Colombian businesses using digital banking platforms is projected to increase significantly through 2026 (GlobalData, 2024).

Online banking penetration is expected to rise from under 10% in 2023 to 16% by 2029, reflecting Colombia’s accelerating shift to digital finance.

For organizations seeking efficiency, compliance, and new market opportunities, virtual accounts—and platforms like Mural Pay—represent the next chapter in business banking.

Ready to get started? Request a demo of Mural Pay’s virtual account solutions.

References

• DataReportal. (2023). Digital 2023: Colombia. https://datareportal.com/reports/digital-2023-colombia

• Financial Superintendence of Colombia (SFC). (2024). Official guidelines on digital accounts. https://www.superfinanciera.gov.co/

• DLA Piper. (2022). Colombia addresses the problem of money laundering in virtual assets and the blockchain. https://www.dlapiper.com/en-gb/insights/publications/global-anti-corruption-perspective/global-anticorruption-perspective-q3-2022/colombia-addresses-the-problem-of-money-laundering-in-virtual-assets-and-the-blockchain

• GlobalData. (2024). Colombia Cards and Payments – Opportunities and Risks to 2028. https://www.globaldata.com/store/report/colombia-cards-and-payments-market-analysis/

• Financial Times. (2023). Colombia’s fintech boom: Movii and digital wallets. https://www.ft.com/content/15752a63-899e-4597-a60a-7060f93fb35d

• Amazon Web Services (AWS). (2022). Banco Davivienda case study. https://aws.amazon.com/solutions/case-studies/davivienda-case-study/