ACH Xpress will add 13 banks and mobile payment

The ACH Xpress system plans to continue its expansion by adding 13 additional banks by 2024.

According to Telered, this will expand the scope of transfers with full participation of 29 financial institutions (currently 16 banks that use the system).

End-user acceptance continues to grow, as evidenced by the increase in transactions outside regular bank hours, even on weekends. This phenomenon represents 52% of the total transactions carried out in ACH Xpress.

“Once the end customer tries the service from ACH Xpress and confirms that the funds you sent reach their destination immediately and safely, you gain trust in it and conduct transactions at times you were not used to before,” said Alexander Acosta, Executive Vice President and General Manager of Telered.

The platform that enables instant transfers between different banks is also preparing to make its new product available to its customers. “Xpress”which represents natural evolution ACH Xpress, which further simplifies sending money between banks.

“With ‘Xpress,’ local bank customers and account holders will be able to make bank transfers in real time, using their mobile phone number as the only information required for the transaction,” Acosta said.

In 2024, the 16 current banks in ACH Xpress are expected to adopt the “Xpress” service, which consists of using a mobile phone number for instant transfers between different banks.

This is considered a solid step towards achieving banking interoperability, a fundamental point for the development of the Panamanian payment system and which has been the axis of development and financial inclusion in other countries in the region.

The biggest advantage of this platform is in enabling interbank transfers in real time, 24 hours a day.

Banks participating in the platform today ACH Xpress These are Bac Credomatic, Banco Aliado, Banco Lafise, Banco Nacional de Panamá, Banisi Panamá, Banistmo, Canal Bank, Multibank, Scotiabank, Banco Pichincha, Unibank, MetroBank, St. Georges Bank, BCT Bank and Towerbank and Caja de Ahorros which recently entered.