In Colombia there are currently more than 130 thousand correspondents according to 2019 Asobancaria figures.
Bank correspondents have become the preferred choice for users since they allow carrying out transactions easily in commercial establishments in neighborhoods close to their homes. Likewise, they have become an important bastion for the generation of presence of financial institutions at the national level, mainly in small municipalities where these institutions do not have bank branches.
Through bank correspondents, users can carry out different transactions such as payment of obligations or agreements, withdrawals, collections, inquiries, transfers, creation of CATS accounts, and disbursement of credits, among other transactions authorized by the superintendency. This allows financial entities to strengthen the services provided for their clients and, in turn, have different modalities and services available for those businesses that want to adopt this diversification business strategy, strengthen client flow processes, and increase income sources.
In 2007, Evertec designed and implemented one of the most robust solutions for the administration of Banking Correspondents in Colombia. It has been operating since then without interruption and with different banks in Colombia’s financial sector.
Evertec offers the banking correspondent solution in a service mode, in which the supply of the correspondent components, including specialized help desk, world-class transactional Switch, and personalized Administration Web Portal, among others, is made available to every client. Services for operations, reporting, schedules, direct interaction with Correspondents, and agreements, among many other functionalities that are integrated into the portal, are offered through the portal.
The banking correspondent solution can be implemented in both dataphones and smartphones through a mobile solution in both Android and iOS operating systems or in a Web solution. Regulatory compliance required by financial regulators is a fundamental principle. PCI DSS.
Undoubtedly, the different channels through which to operate in the correspondents continue to be fundamental when it comes to bringing technology and digitalization of payments closer, which helps bring about the possibility of transforming businesses and offers a better customer experience.
Author: Yuber Sandoval González, Account Leader of Evertec Colombia