Mural Pay’s Benefits for Financial Institutions in Colombia Explained

Colombia now ranks third in fintech adoption across Latin America, reflecting a striking digital transformation in its financial sector (Finnovista, 2024). This growth is driven by a surge in stablecoin payments Colombia and a determined push to modernize cross-border banking. The remittance market alone brings nearly $10.4 billion into Colombia each year (World Bank, 2024), which highlights why efficiency and security have become urgent priorities for banks and businesses. Regulatory agencies such as the Superintendencia Financiera de Colombia (SFC) have launched sandboxes to promote innovation, yet financial institutions must also balance compliance demands while delivering smooth digital experiences.

As a result, more Colombian banks are moving away from outdated, costly wire systems and toward digital rails. For a practical look at how these changes are impacting exporters, see our guide to how Colombian exporters can speed up cross-border payments.

The Core Payment Challenges Facing Colombian Banks Today

Traditional payment systems in Colombia present several obstacles for financial institutions. Slow settlement times—often taking one to five days—combined with fees averaging 6.2% or higher, significantly impact operational efficiency and customer satisfaction (World Bank, 2023). In addition, evolving FX regulations and the risk of errors or failed transactions create substantial compliance and reconciliation burdens.

With nearly $10.4 billion in annual remittances, inefficiencies in payment processing have a tangible impact on both banks and their customers.

These challenges are magnified as the demand for financial institutions digital payments Colombia continues to grow, prompting banks to seek solutions that deliver greater transparency, reduce manual intervention, and leverage Colombia’s position as a regional policy innovator. For a deeper dive into these pain points, visit our post on the most common payment challenges for Colombian merchants.

How Stablecoin Infrastructure Transforms Cross-Border Banking

Stablecoin infrastructure offers a compelling alternative for cross-border payments Colombia, combining the strengths of blockchain technology with the stability of fiat-backed assets. Stablecoin payments Colombia enable instant, low-fee transactions that bypass the slow, expensive SWIFT system. Unlike SWIFT transfers, which can take several days and cost $20–$50 per transaction, stablecoin rails—such as those powered by USDC—process payments in seconds or minutes, for less than $1 per transfer (PwC, 2024; World Bank, 2023).

Platforms like Mural Pay support batch payments, real-time reconciliation, and virtual accounts, allowing banks to offer USD/EUR services to clients without requiring foreign bank accounts. According to Chainalysis (2024), stablecoins have already reached 31% of all cryptocurrency transactions in Colombia, signaling mainstream adoption and trust.

“Stablecoins have the potential to transform cross-border payments, especially for markets like Colombia where dollar access is a challenge,” notes a recent Chainalysis report (2024).

Within this new infrastructure, features like virtual accounts allow clients to receive, hold, and convert funds seamlessly—further enhancing the value proposition for banks and their customers.

API-first platforms like Mural Pay are favored in Colombia for their ability to provide integration with existing core systems, accelerating operational agility and compliance.

Mural Pay vs. Other Stablecoin and Payment Platforms: What Sets It Apart?

A variety of solutions are emerging in Colombia’s digital payments landscape. The table below compares how Mural Pay Colombia stacks up against major stablecoin and payment platforms:

Wenia’s COPW uses Chainlink’s Proof of Reserve, and Minteo’s COPM undergoes monthly audits by BDO, highlighting the importance of transparency in stablecoin offerings (CoinJournal, 2024; Accesswire, 2024).

Additionally, Mural Pay’s API-first design allows Colombian banks to adapt rapidly as regulatory requirements shift—an advantage in a changing compliance environment. Mural Pay stands out for its breadth of services, built-in compliance, and ability to support over 170 countries and 40+ currencies.

For a full breakdown of advanced features, see our payments infrastructure page.

Compliance, Security, and Regulatory Innovation: What Financial Institutions Must Know

It’s a question nearly every Colombian bank faces: How can we adopt new digital payment rails while staying compliant and secure?

Colombia’s regulatory environment is changing quickly. The Superintendencia Financiera de Colombia (SFC) has implemented a regulatory sandbox, enabling banks and fintechs to pilot new payment technologies under regulatory oversight. As of 2025, the SFC reports that over 20 fintechs and banks have participated in sandbox pilots, focusing on blockchain, stablecoins, and cross-border payment solutions (SFC, 2025).

This approach encourages innovation but also enforces strict AML/KYC and FX reporting requirements. In 2024 alone, the SFC issued multiple fines and guidance updates to promote effective risk management and prevent money laundering in the fintech sector (La República, 2024).

Colombia’s regulatory sandbox has enabled banks and fintechs to safely pilot new payment technologies under regulatory supervision.

What matters is that financial institutions embed compliance at every layer, leveraging technology like built-in KYC/KYB, transaction monitoring, and real-time audit trails. Ongoing collaboration with regulators and industry associations, as well as continued education efforts, are essential for staying ahead in Colombia’s dynamic fintech environment.

For more, see our cross-border payment compliance tips for Colombian SMEs.

Real-World Results: Case Studies of Stablecoin Payment Adoption in Colombia

Stablecoin solutions are being adopted at scale in Colombia today. Bancolombia’s Wenia platform launched COPW, a peso-pegged stablecoin, with a goal of onboarding 60,000 users in its first year (CoinJournal, 2024).

Minteo’s COPM, audited monthly by BDO, has already seen over 100,000 users adopt the stablecoin via the Littio platform (Accesswire, 2024).

Num Finance’s nCOP targets Colombia’s $10.4 billion remittance market, providing a secure and cost-effective blockchain-based transfer method (Coindesk, 2023).

This rapid adoption is partly driven by a growing trend of partnerships between Colombian banks and fintech innovators, enhancing both reach and speed of stablecoin integration.

While a direct Mural Pay case study in Colombia is forthcoming, its proven impact in Argentina shows the platform’s ability to deliver rapid, secure, and cost-effective cross-border payments. In Argentina, a virtual assistant agency reduced payout time by 70% and improved reliability for contractors by switching to stablecoin-powered batch payments via Mural Pay.

For more examples of digital transformation, explore our analysis of how digital platforms are changing export payments in Colombia.

Why Mural Pay Is the Top Choice for Colombian Financial Institutions

Too many financial institutions focus on incremental improvements, missing the impact of purpose-built digital payment infrastructure.

Key takeaway: With instant settlement, compliance automation, and support for over 170 countries, Mural Pay Colombia stands out as the preferred solution for Colombian banks.

Making this shift can be transformational. By adopting Mural Pay’s API-first platform, banks don’t just reduce costs—they set the foundation for scalable, secure, and compliant cross-border operations.

By choosing Mural Pay, Colombian financial institutions join a global network of stablecoin-powered B2B payments spanning over 170 countries.

Ready to see these benefits first-hand? Request a demo today.

References

• Finnovista. (2024). Fintech Radar: Colombia. https://www.finnovista.com/

• World Bank. (2023, 2024). Remittance Prices Worldwide. https://remittanceprices.worldbank.org/

• CoinJournal. (2024). Colombia’s largest bank launches crypto exchange and peso-pegged stablecoin. https://coinjournal.net/news/colombias-largest-bank-launches-crypto-exchange-and-peso-pegged-stablecoin/

• Accesswire. (2024). Minteo Launches Stablecoin-Based Settlement Layer for Latin America. https://www.accesswire.com/851945/minteo-launches-stablecoin-based-settlement-layer-for-latin-america

• Chainalysis. (2024). The 2024 Crypto Adoption Index: Latin America. https://www.chainalysis.com/

• Coindesk. (2023). Colombian Peso Stablecoin Goes Live on Polygon, Aiming for $10B Remittances Market. https://www.coindesk.com/business/2023/08/24/colombian-peso-stablecoin-goes-live-on-polygon-aiming-for-10b-remittances-market