When Money Stops Waiting: The Quiet Shift to Instant Payments

The conversation around instant payments often fixates on speed. But the real shift is not just that money moves in seconds, it is how that immediacy reshapes the way households and small businesses plan, take risks, and make decisions.

In recent years, real-time payment systems have become a core layer of global financial infrastructure. In 2023, the Federal Reserve launched FedNow, enabling banks and credit unions to process transfers within seconds, 24/7. More than a thousand financial institutions are already connected to the network, which handles millions of transactions with funds immediately available to both consumers and businesses.

The U.S. experience shows that speed reduces uncertainty. When funds are accessible right away, decision cycles shorten and cash flow becomes more predictable, both at home and in business operations.

Colombia moves forward with Bre-B

Within that broader context, Colombia has taken a structural step with Bre-B, the interoperable instant payment system developed by the central bank.

The platform allows users to transfer money instantly between accounts at any bank or digital wallet, regardless of the institutions involved. Transactions are initiated through a pre-registered “key”, which can be a phone number, ID number, email address, or an alphanumeric code.

According to official figures from the Banco de la República, more than 97 million keys have been registered since its widespread rollout, with over 316,000 transactions processed. Transfers are completed in under 20 seconds and are available at any time, every day of the year.

In December 2023, the central bank also announced a partnership with ACI Worldwide, a company specializing in real-time payment software, as part of Colombia’s broader effort to modernize its payment system.

At the time, central bank governor Leonardo Villar described Bre-B as the first system in Latin America built through a collaborative consensus among government authorities, regulators, private banks, and the central bank, aimed at extending the benefits of real-time payments to both consumers and businesses.

Beyond the technology, the effect is practical. Money is no longer “in transit” for hours or days. It is available when it is needed. That shift reduces the frictions tied to banking hours, cuts idle time, and changes how people relate to cash flow.

Panama and a gradual path

In Panama, progress has followed a different, more incremental route. Since 2023, the country has strengthened its digital payment infrastructure through systems such as ACH Xpress and other automated clearing networks.

These transactions are managed by consortia like Telered, which has processed more than 349 million transactions involving multiple commercial banks. While Panama does not yet have a nationwide instant payment system structured like Bre-B, the evolution of its banking infrastructure and the growth of apps and digital wallets are steadily improving the speed and efficiency of transfers.

For small and medium-sized businesses, the impact goes beyond convenience. Immediate access to funds makes it easier to schedule supplier payments, manage inventory, and make cash decisions with greater confidence. The critical variable is not just time, but predictability.

For households, the change translates into control. Paying a bill, sending money to a relative, or covering an unexpected expense without relying on banking hours reduces the anxiety of waiting and strengthens trust in digital financial systems.

At the macro level, the expansion of instant payments helps reduce cash usage, lower transaction costs, and broaden financial inclusion. But its deeper effect is cultural: it reshapes how everyday risk is perceived and redefines financial planning.

In an environment where time is scarce, instant payments are not a technological luxury. They are a tool that turns speed into certainty, and certainty into the ability to decide.