In Colombia, bank transfer payments are anchored around the PSE standard, but major banks also offer their own payment paths for their customers. Davivienda is a retail bank strong in payroll accounts and consumer finance, and it has expanded its customer base to include the financially underserved through its low-cost mobile wallet DaviPlata. That makes it a bank where own-bank authenticated transfers deliver a noticeably better experience for mass-market commerce.

For categories where purchases line up with pay cycles, such as everyday consumer goods or subscription services, or for merchants with a large share of customers outside Bogotá, it's worth considering the Davivienda path alongside PSE. As with the Bancolombia button, a conditional UI that shows this option only to Davivienda's own customers is effective.

A consumer who selects Davivienda at checkout is taken to Davivienda's online banking or app authentication to approve the transfer. As soon as it's approved, the result is notified to the merchant and the funds move to Hecto Financial's local collection account. The authentication step may include additional confirmation, such as OTP, depending on the bank's security policy.

Integrating through Hecto Financial makes it possible to consider adoption without a local entity in Colombia or a direct contract with Davivienda. That said, coverage and settlement cycle, fees, and currency options vary depending on the merchant's conditions, so confirmation in advance is recommended.

• Business registration country

  Confirm contract eligibility for businesses registered in Korea

• Sales channel

  The integration method and priority vary depending on your online sales channel mix — own site, open marketplace, mobile app, etc.

• Product category

  Check in advance whether your category falls under restricted business types per Davivienda's merchant policy

• Local regulatory compliance

  Confirm compliance with Colombia's payment and foreign exchange regulations (under the jurisdiction of Banco de la República and the SFC) (see official sources below)

Settlement follows a local-collection-then-foreign-currency-payout structure. Hecto Financial receives the Davivienda transfer proceeds in COP, converts them, and pays them into the merchant in Korea's account in whichever currency — USD, KRW, or JPY — was selected under the contract. If a refund is needed, it's safer to confirm the retransfer procedure and timeline for returning funds to the consumer's account before contracting.

• Central Bank of Colombia (Banco de la República) and Financial Superintendency of Colombia (Superintendencia Financiera de Colombia)Official information on Colombia's payment systems and financial institution supervision. If this page's content differs from actual regulations, the official sources take precedence.