Colombian Fintech Druo Launches Digital Button to Make Payments from Bank Accounts

Fintech company Druo has launched a digital button that aims to facilitate online payments from bank accounts in the country, allowing businesses to accept transactions easily.

This is in order to simplify processes and reduce operating costs in this type of operations.

According to Simon Pinilla, co-founder of Druo, the tool is designed to optimize the payment experience of users of the financial system, while automating collection processes for companies.

“For example, this button will facilitate the option of registering bank accounts to enable automatic payments or make quick transactions with a single click to easily integrate into platforms, allowing their implementation in less than five minutes,” said Pinilla, Druo co-founder.

What advantages does Druo’s new digital payment button offer?

Currently, the button works instantly with some banks, but in most cases transactions are still done in cycles, which can cause delays.

To address this situation, the company Druo will implement Bre-B, a system that will enable transaction speed and was created by the Bank of the Republic.

It is already operating in Colombia and there are plans to expand to Peru, Mexico and the United States. “We expect this new system to impact more than 10,000 businesses over the next 12 months,” said Pinilla, Druo co-founder.

The main practical benefit of this new tool is that it will be the ideal option for making one-time and recurring payments, as it will allow companies to offer card functionality, but directly from bank accounts, which will significantly reduce costs, improve the security of these operations and expand access to almost three times more users of the financial system.

“In other words, we are talking about a technology that will allow, for the first time in the country’s history, companies to automatically and securely debit their clients’ bank accounts, which ultimately translates into optimization and better use of time,” added Pinilla from Druo.

It is worth clarifying that historically, companies have been imitating options that required users to make each payment manually, but with this new technological tool, the rules of the game for banking operations in Colombia will change.

__

(Featured image by Firmbee.com via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in VALORA ANALITIK. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.