Starting April 1st 2016 bank transactions through the ACH system will be compensated on the day of the transaction.

The agreement published by the Superintendency of Banks in Panama establishes general parameters on compensation for ACH and availability of funds, and states that “… Each bank must inform its customers of the established cut-off times, ie, ‘the deadline the customer has to make their transactions so that they be effective on the day ‘… “said the official statement according to a report by Prensa.com.

“… The agreement whereby compensation times are shortened applies to official banks, general license banks and international license banks. This measure is included in the 2015-2019 Strategic Plan of the entity, which includes, among other things improving processes for payment methods in the Banking Center of Panama. ”

See Agreement No. 001-2016 by the Superintendence of Banks.

Source: Prensa.com