Guatemala: Fewer Checks, More Electronic Banking

Between 2015 and 2016 issuance of checks in the country fell by 5%, while the use of electronic banking continues to grow.

Tuesday, July 11, 2017

The former president of the Banking Association of Guatemala (ABG), Luis Lara Grojec, explained to 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.
Although the issue of checks has been reduced, it is estimated that the country lags about 7 to 10 years behind in terms of access and use of mobile banking and electronic transactions with respect to the US and some South American countries.

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Online Banking in Nicaragua

April 2016

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.

Mobile Banking Growing in Guatemala

April 2016

More than 1.2 million deposit accounts and credit lines affiliated with mobile services have been registered, through which mainly transfers and payments for basic services are performed.

The December 2015 newsletter released by the Superintendency of Banks of Guatemala shows that the number of deposit accounts and credit lines continues to grow in the country, where 1,210,900 accounts affiliated mobile financial services have been recorded.

Standardization of Checks in Panama

June 2014

The Superintendency of Banks is preparing regulatory changes in order to reduce the time it takes to clear a check from three days to just one.

The rules that the regulator has proposed in Agreement 1-2014, issued in March, aims to improve safety and modernize the means of payment of the country, punctually, standardizing checks circulating in the Panamanian financial center.

Panama: Online Banking Safety

July 2012

The Banking Association and the Superintendency of Banks of Panama have developed a set of standards in order to ensure the security of online banking.

The regulator has set up a department specializing in risk technology that aims to monitor the proper implementation of existing rules governing online banking.