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Instant bank-to-bank transfers reach the national banking system

  • Jonathan Bustamante
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Instant bank-to-bank transfers reach the national banking system

    • The new ACH Xpress service allows account holders through online and mobile banking to make instant bank-to-bank transfers of up to $500, with immediate availability of funds.
    • The system will be available 24 hours a day, 7 days a

    With the endorsement of the Superintendency of Banks of Panama and thanks to ongoing investments in technological development by Telered and the participating banks, ACH Xpress, the 24/7 instant bank-to-bank transaction platform, is now operational for the first two member banks of the ACH network, BAC Credomatic and Multibank.

    Account holders can now make transactions between two different banks immediately. The service is already available, with BAC Credomatic and Multibank being the first banks to offer it in their respective online banking platforms. The ACH Xpress service is now available for other banks to join and offer it to their customers. With the incorporation of the first banks in the market, Panama modernizes its online payment network within the Central American region.

    The new service is available 24 hours a day, 7 days a week, and allows account holders through their online and mobile banking to make instant bank-to-bank transactions of up to $500 with immediate availability of funds to the beneficiary. “At BAC Credomatic we are very pleased to offer fast and innovative services that add value to our customers. With ACH Xpress the possibility of transferring and receiving funds with other banks immediately represents convenience and versatility, typical of modern banking. As a Net Positive Balance Bank we consider this a great step towards the modernization of the national payment system, contributing directly to the development of the economy and providing the security, self-service and the Panamanian society requires”, said Erick Chacón, Senior Vice President of Operations, Technology, Administration and Physical Security of BAC Credomatic Panama.

    Together with the vision of the Superintendency 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. Overall, the necessary security measures have been taken to ensure that customers can have peace of mind when using this new service. As 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 of the international banking center in boosting Panama’s economy.

    “At Multibank we feel very optimistic about the future of the modernization of the banking network in Panama and fortunate to be pioneers in this process that will streamline the transactionality of users of the financial industry. We are also 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.


    With ACH Xpress, the basic transaction flow is initiated by the account holder in their online banking or mobile banking at their financial institution. The transaction is sent to the central system, which verifies and validates the transaction and delivers it to the beneficiary’s bank, which immediately makes the funds available to its client.

  • Increase in transactionsAccording to figures provided by Telered, through the ACH Directo (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 is worth noting that 82% of the transactions were for a value less than or equal to $500.“This data reveals that these figures may increase in the coming months through ACH Xpress”, said Alexander Acosta, executive vice president and general manager of Telered. “Instant transfers will certainly further encourage the massive use of electronic means of payment, reducing the use of cash and also boosting banking penetration”, said Alexander Acosta, Telered’s General Manager.Since 2020, Telered, together with the banks in the market, has been working on the modernization of the interbank transfer system, adopting the ISO 20022 message format, which facilitates the implementation of the ACH Xpress Platform.

    “We congratulate BAC and Multibank for the important initiative of adopting this new and innovative business model for financial services, with which they will achieve the immediacy of bank transfers through real-time payment. We also congratulate Telered for the continued 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 line with the legal framework that will allow organizing the infrastructure of the payment system in Panama, which is working this Superintendency of Banks, with a view to achieve secure and timely integration of digital payments, a fundamental tool for the economic growth of the country, and to improve the experience of banking customers.

     To read the publication made by Martes Financiero, click here…