Julián Buitrago Dí­az

What are the main areas of opportunity for Fiserv in the Colombian financial sector?

We face great challenges in the Colombian financial market. We are a global leader in payment processing and fintech, but there are always areas of opportunity in all the countries in which we work. As the number-one global company in the acquiring business, we aim to completely revolutionize the M&E market in Colombia. The 1962 Decree related to low-value payment systems that was approved in December 2020, aims to create a digital ecosystem that reduces the use of cash. And this has allowed Fiserv to offer innovative products such as Omni-Pay, a payment processing platform that enables the acquiring entity the complete the management of its businesses. The Fiserv Gateway e-commerce platform accepts national and foreign credit and debit card transactions with high security standards and with high fraud risk mitigation. One of the great challenges is to remain at the forefront and constantly innovate to continue contributing to the digitalization of banks and businesses, while promoting the growth of online stores nationwide. We are also constantly reviewing regulatory schemes to serve as a growth base for fintechs, banks, retailers, and digitalizing unicorns to meet new needs. The democratization of the acquisition market definitely benefits financial institutions and businesses to increase payment options for their customers in person or online.

What is the importance of Colombia within Fiserv’s international strategy?

In an increasingly digitized world, responding to demand for new types of financial services is no easy task. Our strategy focuses on generating technology for the growth of the financial industry while offering new payment channels. We are a strong partner to financial institutions that look to the future, and we aim to address today’s realities. We have the privilege of working as our clients allies to achieve their goals, while providing better services to increasingly sophisticated and connected users. Specifically, the Latin American market is undergoing a strong digitization process in which Fiserv sees the opportunity to be the ally that institutions need to make a success of this moment of transformation. We seek to create enriching experiences for our clients to change the way their consumers view their money, time, and opportunities, while being active players and beneficiaries of market trends. Colombia has taken important steps in transforming its economy and its payment system. We are fortunate to be a strategic ally that responds to these needs of the financial sector, and an important player in the democratization of the acquiring market, where we offer more payment alternatives for the more assertive, efficient, and agile operation of banks, businesses, and retailers. We are also committed to the fintech industry, as a world leader in financial technology with over 35 years of experience in the market and of serving new financial clients. In Colombia, we have contributed to the transformation of the fintech ecosystem through our solutions, technology, and alliances with associations such as Colombia Fintech.

What are the main challenges facing the Colombian financial sector as it adapts to the digital transformation and creates more efficient payment processes?

One of the most important challenges is to continue taking firm steps toward accelerating the digitalization of the Colombian economy. We work daily to enable banks, financial institutions, businesses, and retailers to offer a range of payment methods to improve the shopping experience and meet current demands. For this reason, we have incorporated FirstVision in Colombia. This is a platform for banks and medium-sized to large fintechs that provides credit, debit, promotional bank cards, loan management, and a loyalty program module with the latest technology in payment methods, including tokenization. Another big challenge is to make this migration to electronic payment methods, mobile banking, and digital apps so that debit and credit card transactions are easier. We are on our way, but there is still much to be done in the country.