‘Fintech’ Cobre facilitates payments between companies

Coppera fintech that began operating in May 2020, works to solve the complexity of money movements in Colombia, so that large companies can pay faster and more securely.

José Vicente Gideón, founder and CEO of the firm says that they propose a simple payment system and move companies’ money from point A to point B, with as little friction as possible. He assures that the Bank of the Republic invited them to be part of the design of the Immediate Payment System and that every month more than 700,000 Colombians receive payments for Copper.

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Since when do they operate?

On May 14, 2020, after researching and understanding companies’ problems when paying. We are the largest b to b (business to business) payment fintech. In the first quarter of 2023 we processed 1.6 million transactions for $500,000 million.

How do they do that?

The problem we are trying to solve is that companies have great inefficiencies when paying and the payment process is complex since it has several steps that are not related to each other.

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There are four inefficiencies: payment initiation is very manual, it is slow, companies work with multiple banks and sites where they pay, and the reconciliation process is complex.

We create a kind of treasury for each company and centralize the solution. The initiation of payments is done with a single click, a single file is prepared that we receive and a single payment is made.

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In addition, we connect the banks with which the client has agreements with Copper and they are operated from a single place, centralizing the treasuries.

We help companies to reconcile payments in a simple way, with a single click and we seek that the money arrives in the easiest way.

What do you think of the Immediate Payment System enlisted by the Banco de la República?

We are invited from the beginning to the system design forums and we have shown our payment solution between companies, since it is important for the Issuer to see use cases.

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Who are your customers?

Our companies are those that make more than 1,000 monthly payments from three to four banks and treasury management, in addition to needing fast systems. We have more than 150 clients. In the main cities, in logistics, ecommerce, market places, BPO and retail.

We still do not have operations with all the banks, but we are moving towards that.
We work with companies that have open accounts with banks; there is already a filter made by those entities and we also carry out controls.

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