They are expanding the use of COPM, the peso-backed stablecoin, to optimize payments and financial flows in companies.
Financial technology company Minteo announced the expansion of COPM, the stablecoin pegged 1:1 to the Colombian peso, as part of a strategy to optimize payment systems in the country. The measure aims to reduce settlement times in business transactions through the use of digital tools based on blockchain technology.
COPM was designed to enable real-time payments, a shift from traditional processes that can take several hours or even a day to complete. This type of digital currency can be integrated into companies' accounting and operational systems, enabling the automation of internal financial flows.
COPM is pegged to the Colombian peso and backed by local banks. Photo: iStock
COPM operates on public blockchains, allowing each transaction to be recorded securely and verifiably. The stablecoin maintains parity with the Colombian peso and is backed by local bank accounts, which seeks to ensure stability in its value.
According to data shared by the company, more than 50 companies in Colombia currently use COPM to perform operational payments and financial reconciliations. The most common areas of application include supplier payments, payroll, and the automation of internal collections and disbursements.
Reduction of costs and times Among the benefits identified by the tool's users are the reduction in administrative costs associated with manual reconciliation, as well as the shorter time between issuing and receiving payments. These factors directly impact the efficiency of accounting processes.
“The current financial system belongs to a pre-internet era. We are building an infrastructure that not only accelerates transactions but also enables new solutions for a fully digitalized economy,” said William Durán, Co-CEO and Co-Founder.
Compatibility with existing infrastructures One of COPM's notable technical features is its ability to integrate with existing enterprise platforms. This means organizations don't need to redesign their systems to begin using the stablecoin, facilitating its adoption.
The solution is compatible with existing accounting and operational systems. Photo: iStock
Minteo plans to expand the use of COPM and develop local versions of its stablecoin in other Latin American countries . The company seeks to position itself as a technology infrastructure provider for digital financial services in the region.
Vision of the current financial system According to Durán, the traditional financial system has limitations in terms of speed, costs, and adaptability to the digital economy. The company believes that programmable digital currencies can offer a functional and more efficient alternative.
The development of this stablecoin occurs in a context where regulatory frameworks for digital assets are still evolving. Minteo has indicated that its model includes oversight by local financial institutions to provide compliance and security guarantees.
The initiative is part of a series of technological changes that seek to update the financial infrastructure in Latin America, with an emphasis on automation, transparency, and traceability. These types of solutions open up new possibilities for the development of digital financial services in the business environment.
More news in EL TIEMPO *This content was rewritten with the assistance of artificial intelligence, based on information from Minteo, and reviewed by a journalist and an editor.
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