Transfiya was released in the Colombian market at the end of 2019 with ACH Colombia. The application allows users to send money in seconds, using only the counterparty’s phone number. It operates with 8 financial institutions, including Davivienda, Nequi, Banco Caja Social, among others, and since its launch has facilitated more than 345,000 interbank transfers. The app operates 24/7 and offers free transfers of up to COP 250,000 (USD70). It has captured rapid interest in the Colombian public: from January to June, monthly transfers increased from 3,000 to 70,000. “These types of [transfer] projects are very few in the region; in fact, this is the largest in the region and, for now, the only one that is using modern technologies to solve the problem of sending money in real time,” explains Domagoj Rózic, CEO of Minka. Transfiya’s real-time transactions run on blockchain, something which adds security, according to the Minka CEO. Joint work with ACH Colombia is just one of the steps Minka has planned for growth. “Our vision is not only be to enable a few companies, but have an open network where any fintech could connect and use this solution,” says Rózic. Parallel to this, Minka plans to expand its operations to Bolivia, the Dominican Republic and a third, unnamed, country where it is already working on an alliance. “Many people are talking about these types of projects, but there are few that already have them advanced,” says Rózic, adding that the product together with ACH is one of the few that is live and is unique for the region.

https://iupana.com/2020/07/27/instant-payments-colombia-transfiya-transfers-multiply/?lang=en#widget/?lang=en&utm_source=iupana&utm_medium=Newsletter&utm_campaign=27JulEN