Standardization of Checks in Panama

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.

Thursday, June 26, 2014

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.

The proposal, which also involves the printers that produce the checks, states that "... only two formats can be used for printing personal checks and one format for commercial checks and these will be provided with a special watermark to ensure their security. "

Panamaamerica.com.pa reports that "...With this method, physical checks will disappear as soon as they are accepted by banks and will be converted into a digital image and in this way the course of compensation (conversion into cash) will be followed more expeditiously and the conversion process *will be reduced to one day)." "It is expected that the system will be fully standardized in 2016."

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Starting today regulations are in effect to standardize the issuance and circulation of bank checks.

From a statement issued by the National Bank of Panama:

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