Electronic Signatures Hardly Used in Panama

Banks say they are not investing in the technology required to implement electronic signatures for digital processes due to the small amount of use by users.

Wednesday, July 30, 2014

Although the use of electronic signatures for banking transactions is something which is very common in most countries of the world, there is still some reluctance by people in Panama to use it, leading banks to stop making the necessary investments to implement the system.

Panamaamerica.com.pa reports that "...Executives in the areas of banking technology and systems recently commented during the convention in the country that one of the problems regarding digital signatures in this sector is the monetary investment needed to be made by banks to set up the infrastructure for these digital tasks."

The executive director of Sofistic, a company specializing in computer security, Angel Lopez Domenech, said that "... if a country only has one certification authority it means that users must abide by the progress of this entity, slowing the massification process. "

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Panama: Electronic Signatures Announced for November

August 2013

Implementation of the system which will reduce reliance on paper processes is 85% complete, meaning that it could be released in November.

From a press release issued by the National Assembly of Panama:

Electronic signatures, an innovative tool which will streamline processes for approving transactions is 85% complete and could be launched during the month of November.

Delay in Electronic Signature in Panama

August 2012

The use of digital signatures scheduled to begin this year is several months late and will not be implemented until February 2014.

Several factors are responsible for the delay, among which is the delay in the tendering act which had to be performed twice, said Hernando Carrasquilla, director of Public Registry. The company awarded the tender was the Spanish consortium Indra Sistemas.

Electronic Signatures in Panama

May 2012

The Executive has given approval for the Public Registry of Panama to be the certification authority for electronic signatures in the Republic of Panama.

This authorization will facilitate the expeditious processing of electronic government services avoiding manual processes and achieving better coordination of management information between public agencies, said Abraham Carrasquilla, director of Public Registry.

Chamber of Commerce Implements Electronic Signatures

January 2012

The Guatemalan Chamber of Commerce is the first entity to become a Registration Authority for the issuance of electronic signatures in the country and Central America.

A press release from the Ministry of Economy of Guatemala states:

Guatemala, January 9th , 2012. Today at a press conference, Finance Minister Luis Velásquez alongside authorities from the Certification Service Providers Registry, RPCS - Guatemalan Chamber of Commerce -GCC-and the Inter-American Development Bank, BID introduced the GCC as the first certification services provider, an entity that as of February this year will implement Electronic Signature use.