The Cross-Border Ecommerce Community (CBEC) enables Merchants, Payment Service Providers, ISOs and Acquiring Banks to access valuable content about mature and developing markets that can support strategic decision-making. Read more
In-depth information to be found in the Cross-border Ecommerce Report- Colombia
According to one of the studies from the Protection Committee of the Competence Superintendence for Industry and Trade, ecommerce is becoming a vital tool for many corporations and the need of constructing an atmosphere that promotes it, has begun to be more relevant for the government. The 527 Law of 1992 was the first of many steps towards regulating and defining ecommerce and now many initiatives have followed since then.
One of these was “Plan Nacional de Desarrollo 2010-2014” that promoted the auto-regulation for internet service providers and security in handling data online. With the development of Conpes 3629 document, cyber security became an important factor in the discussions and parameters of the laws 599 from 2000 and law 1273 from 2009, which regulate all the mentioned concepts.
In the last fifteen years, different regulating agents have focused on ecommerce, it being such a vulnerable industry for fraud. One of the important players in the card industry and one that is constantly trying to minimize fraud is Incocrédito. They do this by managing and monitoring merchant information to develop and implement processes that reduce fraud.
A regulatory body that is going to play a vital role in the PSPs and therefore ecommerce market is Superintendencia Financiera (Finance Superintendence), the entity that guarantees that the banking industry is properly regulated. By the end of 2015 they want to launch a new set of rules and regulations that will guarantee more controls and vigilance for PSPs. Their main objective with this is to contain fraud and make the ecommerce industry healthier as a whole.
More in-depth information about ecommerce law, privacy and data protection can be found in the Cross-border Ecommerce Report – Colombia.
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