Guatemala implements electronic bank transfers

The Bankers Association of Guatemala announce yesterday that the ACH system, or automatic compensation chamber, came into effect.

Friday, November 14, 2008

The system will allows clients to transfer money from one bank to another.

The service, which will be accessed via each banks' website (users must have online banking access), will initially be free of cost; however, as its use grows in the future, the banks may opt to start charging for the services based on their policies.

More on this topic

Little Use of On-Line Banking in Guatemala

February 2009

Users continue to prefer traditional operations; bankers maintain that in a short time frame, this tendency will revert itself.

Sigloxxi.com publishes an article in its website: "Among the hundred of the most visited places on the internet, and in just half of the count, only three banks are placed: G&T Continental (46), Industrial (51) and Banrural (60).

Increased Use of Online Banking in Guatemala

July 2011

In recent years, electronic transfers have been growing at a rapid pace.

Bank managers agree that the use of electronic banking operations reduces transaction costs, being this the main reason for its growth.

Luis Lara, manager of the Banco Industrial (BI) told Prensalibre.com that the institution expects amount of electronic transactions made by the end of 2011 to exceed those of 2010 when they totaled $1,377 million.

Online Banking Usage Increases in Guatemala

August 2009

Since the service was enabled in December 2008, over 30.000 wires transfers have been done.

In the short term, the GuateACH system will include transactions to all the Central American countries, as well as transfer wires in U.S. dollars.

Luis Lara, Banco Industrial CEO, told Prensalibre.com that "...he expect volume to increase to 80.000 transactions a month. These services will eventually substitute the use of checks".

Guatemala Implements Electronic Embargo

February 2011

The system will allow judges to freeze bank accounts for delinquent taxpayers, in electronic form.

The system, which streamlines the process, will be implemented initially in three courts at the capital and one in Mixco.

"Luis Arturo Archila, tax lawyer, explained that thanks to this technology the accounts of the defendants can be seized from the time the judge orders", published Elperiodico.com.gt.

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