The Superintendency of Banks Organization strives to improve the safety and efficiency of check Panama payments. The changes will effect the banks in Panama and reduce the time to clear a check from three days to just one.
The regulations involve printers that produce the checks, check paper, check format, design, security features. With a new method of check processing, the physical checks will disappear as soon as they are accepted by banks. They will be converted into a digital image for further processing. It is expected that the system will be fully standardized in 2016.”