Integration of Central American Banking Systems

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The new system will allow banking institutions in Central America and the Dominican Republic to receive electronic transactions at a lower cost than through private banks.

"According to the structure submitted by Sergio Recinos, financial manager at Banguat, to representatives of the Banking Association of Guatemala, the cost per transaction using SIP will be $5 and will be open to all banks operating in the region and with an account at their central bank," reported Elperiodico.com.gt.

Source: elperiodico.com.gt

More on this topic

More than 50 Banks Integrated in Regional Payment Network

December 2011

In recent months, 51 financial institutions have joined the Interconnected Payments System (SIP in Spanish).

The system allows users, whether they be natural or legal persons, to make electronic fund transfers between Central American countries, including the Dominican Republic, in US dollars, quickly, safely and inexpensively.

Costa Rica Still Not Integrated Into Regional Payment Network

August 2011

A year and a half after the Payments Interconnection System (SIP in Spanish) for the region took effect, Costa Rica has not yet been integrated.

The new system allows banking institutions in Central America and the Dominican Republic to make electronic transactions at a cost lower than that currently charged through private banks.

Regional Payments System Underutilized

March 2012

As it approaches the end of its first year of operation, the system has only moved $65 million, almost exclusively between Guatemala and El Salvador.

The Interregional System of Payments (SIP) began operations in March 2011, with a charge of $5 regardless of the amount transacted.

Electronic Transfers in El Salvador

April 2012

A Service for Interbank Electronic Transfers (SITE), which allows transfers of money between bank accounts, is now in operation.

Operated by ACH El Salvador, the SITE will allow the interconnection of banks and financial institutions around the country to become more secure and faster.