The current business scenario ended up breaking down several barriers, and now there are more customers who demand the online services of financial institutions, which are challenged to facilitate digital processes and in turn apply strict security standards.
In the last four months, in most Central American cities, bank clients have moved away from the bank's service points, because between the home quarantines decreed due to the spread of covid-19 and the preference to avoid attending places where large numbers of people can congregate, consumers are choosing to look for ways to carry out transactions digitally.
Personal care items, vehicle accessories, food and beverages are some of the products most demanded by consumers, who have migrated to digital platforms to make their purchases.
In the current scenario of confinement due to the health crisis in the region, consumers have disappeared from physical stores and have migrated to digital platforms to buy their products.
In Costa Rica in the past seven years the number of financial transactions carried out using digital banking almost doubled, going from 64 million in 2010 to 151 million in 2017.
From a statement issued by the Costa Rican Banking Association:
April 2018.The use ofdifferent digital banking channels offered by financial entities to Costa Ricans (Internet banking, mobile banking, telephone banking) which allow them to carry out transactions without having to visit the bank's offices, has seen steady growth in recent years. The Statistical Report on the National Payment System 2017, by the Central Bank of Costa Rica (BCCR), confirms that the number of transactions went from 64.2 million in 2010 to 150.8 million in 2017.
Between 2015 and 2016 issuance of checks in the country fell by 5%, while the use of electronic banking continues to grow.
The former president of the Banking Association of Guatemala (ABG), Luis Lara Grojec, explained to S21.gt that "... electronic banking will continue to grow in the coming years, but more than services through computers, there will be an increase in the use of applications on mobile devices, such as cell phones and tablets.
Starting April 21, 6 nicaraguan banks will include among its services online money transfers.
The six banks are part of the ACH Unired network, an entity authorized by the Central Bank of Nicaragua to operate in the country. Some banks offer no-cost transfers, while others charge transaction fees ranging between $5 and $20.
The banks are Lafise, BAC, ProCredit, Ficohsa, Banpro and BDF.
An agreement is in effect which requires banks to immediately register all customer transactions made through online banking services or at ATMs.
From April 1 all banking transactions made by the ACH system in Panama may be compensated and be made available to customers on the same day of the transaction. Agreement 001-2016 with the Superintendency of Banks requires banks to immediately register all transactions that customers make through online banking services or ATMs.
Direct Credit transactions remain the cheapest option for transferring funds between different banks to third parties.
The fees charged by banks for transfer of funds to third parties by electronic means range from $1.4 to $5 in Costa Rica.
While a transfer by Direct Credit (CCD) - those that are credited until after 10 pm- is less than $1, there are transfers at counters that can cost up to $10, and wire transfers that are up to $5.
Payment transfers and basic services are the types of transaction most made by the 708 thousand users of mobile financial services recorded in the country.
82.9% of users of financial services are concentrated in the department of Guatemala, equivalent to 587,366 affiliated mobile customers. The average amount of transactions completed using this system nationwide is $85.
The new service SINPE Móvil allows phone line to be connected to a bank account in colones, in order to make transactions to another bank account using text messages.
Banco Central de Costa Rica's application, SINPE Móvil, also allows the use of mobile applications, online banking and mobile banking websites so that you can make any banking transaction and make transfers to any other registered mobile terminal.
The innovative digital banking technology firm has clients such as Citibank, Itaú, Banco Estado de Chile, and Banco Original.
Technisys, the innovative digital banking technology firm, has secured $13 million. The capital —invested by Intel Capital, Alta Ventures, KaSZeK Ventures, Endeavor Catalyst, and Holdinvest— will allow the company to expand its business throughout new markets in LATAM and the USA.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168
It has been announced that from March Costa Rican banks will be able to allow their customers access to the Central Interconnected System of Payments.
From a press release by the Central Bank of Costa Rica:
A new service has been developed called 'Pagos al Exterior (PEX)' (Foreign Payments), which will allow individuals and legal persons resident in the country, to send and receive transfers of funds to and from accounts in a financial institution located in El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic. The aim of the service is to provide a fast and secure technology platform for processing commercial payments and remittances in the region.
As of February 2013, in Costa Rica it will be mandatory to have digital signatures for any transaction via Internet banking.
Currently there are 31 offices spread throughout the country which are set up to give out the certificates.
"The official ceremony to operationalize the Electronic Agent Certification Authority will be held in January, and with it the requirement for digital certificates by enterprises and institutions for signing transactions and legal commitments with their clients when they receive electronic services through their web infrastructure", noted an article in Crhoy.com
Under the theme, "Safety Depends on You", on 26 September the IV National Meeting on Banking Security takes place.
Organized by the Panama Banking Association (ABP), the event will address topics such as:
-Mobile Banking, risks and safety measures in the new financial services model
-Types of crime in Panama
-Computer security crimes in Panama.
"Participating in the event are: James Berry, vice president of Security and Fraud Risk at HSBC Panama and authorities such as Naya Fernandez, senior prosecutor Specialized Crimes and Intellectual Property Security, the Attorney General's Office, among others ", reports Capital.com.pa
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.