Panama’s ACH Xpress: Redefining Banking Norms with Instant Transactions

In Panama, the ACH Xpress platform has played a crucial role in the consolidation of immediate bank transfers, with over 2 million users actively participating. This shift has propelled the local banking sector towards digital transformation, involving the active participation of 16 banking entities.

Juan Melillo, General Manager of Caja de Ahorros, emphasizes the positive impact of the swift adoption of this service on the financial experience of Panamanians. The evolution towards a more digital banking system has resulted in significant savings in costs and time, along with security improvements, thanks to the integration of ACH Xpress into the National Banking System.

Aimeé Sentmat de Grimaldo, Executive President of Banistmo, notes that 50% of electronic transactions in the country are conducted through transfers. She highlights the importance of prioritizing speed, simplicity, and immediacy to meet the growing demand for a digital, secure, and accessible banking experience.

In line with this, Ramón Chiari, Country Manager of BAC Panama, underscores the support of the financial group in Central America for Telered’s innovations that aim to simplify customers’ lives through digitization.

Despite the benefits of instant transfers, the persistent preference for cash indicates the need to continue educating consumers about technological alternatives. The transition towards a more digital and connected economy is a gradual process in all markets, and the local banking sector is taking firm steps towards reducing cash usage.