Integration of Costa Rica to Regional Payment System

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.

Tuesday, January 7, 2014

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.

This service operates similar to transfers of funds that are made locally and allows, for example, a customer using any of the channels offered by their financial institution in the country (website, customer service or other platform) to mobilize funds electronically to and from an account of a customer in the rest of Central America and the Dominican Republic, with a term of accreditation to the final beneficiary of 2 hours.

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