Drain and rinse the soaked beans. Place them in a large pot and cover with fresh water. Bring to a boil, then reduce heat and simmer for about 30 minutes until the beans are tender. Drain and set aside.
In a large skillet or Dutch oven, heat the olive oil over medium heat. Add the chopped onion and cook until translucent, about 5 minutes.
Stir in the minced garlic, red bell pepper, and green bell pepper. Cook for another 5 minutes, until the peppers begin to soften.
Stir in the tomato paste, paprika, thyme, oregano, bay leaf, black pepper, and salt. Cook for 2 minutes to allow the flavors to meld.
Add the cooked beans to the skillet and pour in the vegetable or chicken broth. Stir well to combine. Bring the mixture to a boil, then reduce heat to low and simmer for 20-30 minutes, until the flavors are well combined and the sauce has thickened.
If using, add the sliced smoked sausage to the pot and cook for an additional 10 minutes, until heated through.
Remove the bay leaf. Garnish with chopped fresh parsley before serving.
Enjoy your meal!