Transfers, with 50% of the movement of electronic money

Transfers make up half of the money that moves in Panama electronically. In the case of ACH Xpress, more than two million banking users in the country make instant transfers through this platform.

According to the managers of the banks that make up this system, instant transfers contribute to cost reduction and time flexibility.

Juan Melillo, general manager of the Savings Bankhe explained that the rapid adoption of this service has had a positive impact on the financial experience of Panamanians, reinforcing the evolution towards more digital banking.

For her part, Aimeé Sentmat de Grimaldo, Executive President-Banistmo, emphasized that efforts must be focused on simplifying the user experience, ensuring that interaction with platforms is easy, with products and services that accompany their daily lives.

“Today we recognize that it is 50% of the money that moves electronically in our country is made through transfersand that prioritizing speed, simplicity and immediacy is key in light of the growing demand for an increasingly digital, secure and accessible banking experience,” said Sentmat de Grimaldo.

However, a deep-rooted preference for cash still prevails, which executives say indicates that much work remains to be done to educate consumers to adopt technological alternatives and continue to move towards a more digital and connected economy.

Reducing the use of cash is a process that takes place gradually in all markets and domestic banks are trying to move in this direction.

The next challenge for this platform is the adoption of “Xpress”, a product that will enable instant transfers via mobile number, for which banks are also preparing.

“Xpress will become a key part for Panamanian banking. Telered managed to connect the different banks in the area with a common goal: the banking of the country,” said Juan Emilio Lasso, executive president of Banisi.

Ramón Chiari, Country Manager of BAC Panama, also emphasized that the digitalization of banking makes the lives of clients easier and simpler.

Users of the service will only need to have a savings or checking bank account and access to online or mobile banking from their financial institution to make instant transfers. This service will be available in the first institutions from the first quarter of 2024.