In Colombia, third-party payments are divided into two types: one is ACH-based bank transfers (Transfer), where the destination account is a bank account, but the payment is not instant. It is processed according to the ACH cycle, typically taking 1-3 hours during business days. Some banks cannot process on non-business days, so the payment will only be successful on the next business day.
The other type is Bre-B, which allows third-party payments 24/7 with real-time settlement. The destination account can be the user's mobile phone number, ID number, email address, or other custom strings.
