With the endorsement of the Superintendency of Banks of Panama and thanks to permanent investments in technological development by Telered and the participating banks, “ACH Xpress” has already started operating, the platform for instant transactions from bank to bank 24/7, for the first two member banks of the ACH BAC Credomatic and Multibank network.
Now, account holders can immediately transact between two different banks. The service is already available, with BAC Credomatic and Multibank being the first banks to offer it on their respective online banking platforms.
The ACH Xpress service is enabled so that other banks can join and offer it to their customers. With the incorporation of the first banks in the market, Panama modernizes its online payment network with the Central American region.
The new service is available 24 hours a day, 7 days a week, and allows account holders through its online banking and mobile banking to make instant bank-to-bank transactions of up to $500 and with the funds available immediately. to the beneficiary.
“At BAC Credomatic we are very pleased to offer agile and innovative services that add value to our clients. With ACH Xpress, the possibility of transferring and receiving funds with other banks immediately represents comfort and versatility, typical of modern banking. As Banco Neto Positivo, we believe that this is a great step for the modernization of the national payment system, contributing directly to the development of the economy and providing the security, self-service and Panamanian society requires,” added Erick Chacón, Senior Vice President of Operations, Technology , Administration and Physical Security of BAC Credomatic Panama.
Together with the vision of the Superintendence of Banks, and the work of the Telered, Multibank and BAC Credomatic teams, we have made this a reality, reducing dependence on the use of cash and checks. As a whole, the necessary security measures have been taken so that customers can be calm when using this new service. As the other Banks join the ACH Xpress network in the coming months, this will be of benefit to customers and is in line with the relevance that the international banking center has in boosting the economy of Panama.
“At Multibank we feel very optimistic about the future of the modernization of the banking network in Panama and we are fortunate to be pioneers in this process that will streamline transactions for users in the financial industry. In addition, we are convinced that very soon the rest of our colleagues in the market will be part of this project that strengthens the growth of the country’s economy,” said Gerardo Ulloa, General Manager of Multibank.
Functioning
With ACH Xpress, the basic transaction flow is initiated by the account holder in their Financial Institution’s online or mobile banking. The transaction is sent to the central system, which verifies and validates the transaction and delivers it to the beneficiary’s bank, so that it can immediately make the funds available to its client.
Increase in Transactions
According to figures provided by Telered, through the Direct ACH (current interbank transfer system) in the last 19 months, the participating Financial Institutions sent more than 73 million transactions for a total value of more than 111 billion dollars. It should be noted that 82% of the transactions were for a value less than or equal to $500.
“These data reveal that these figures may increase in the coming months through ACH Xpress,” said Alexander Acosta, executive vice president and general manager of Telered. “Certainly, instant transfers will further encourage the massive use of electronic means of payment, reducing the use of cash and also promoting banking,” said Alexander Acosta, General Manager of Telered.
Since 2020, Telered, together with the banks in the market, has been working on the modernization of the interbank transfer system, for which the ISO 20022 message format was adopted, which facilitates the implementation of the ACH Xpress Platform.
“We congratulate BAC and Multibank for the important initiative of adopting this new and innovative financial services business model, with which they will achieve the immediacy of bank transfers, through real-time payment. Likewise, we congratulate Telered for the continuous transformation of electronic financial services, which will raise the level of competitiveness of our financial sector”, concluded the Superintendent of Banks of Panama, Amauri Castillo.
This initiative is in accordance with the legal framework that will allow organizing the infrastructure of the payment system in Panama, which is being worked on by this Superintendence of Banks, with a view to achieving the integration of digital payments in a safe and timely manner, a fundamental tool for economic growth. of the country, and to improve the experience of bank customers.
