Banesco Panama succeeds in making its first international money transfer

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Banesco Panama is proud to announce the complete success of our pilot international money transfer test, made with Peru through the Ripple network’s Blockchain, a shared database that acts as a logbook for all types of transactions, including sales and acquisitions.
The world of technology advances on the daily, and nowadays we can talk to people all over the world in a matter of seconds. This fast growth also applies to the banking world, which allows for transactions to be made from and to anywhere on the planet.

 This network is currently used by a large number of banking groups all over the world, including: Santander, Kuwait’s National Bank, CIMB Group – Asia’s fifth largest bank – two Australian banks and the Saudi Arabia Bank.
The Ripple network is an Open Source virtual payment system that uses Blockchain technology in order to make real-time payments. Nowadays, it is considered the currency of all banks, since it is used by large financial entities all over the world to make faster, cheaper transactions.
Another bank that has recently joined the Ripple network is Itaú Unibanco, Brazil’s and Latin America’s largest bank, as well as the Western Union, Barclays and MasterCard financial services, alongside other clients such as American Express.
Rodrigo González Paniza, executive vice-president of Banesco’s Innovation, Transformation and Experiences’ department, said that “This is just the start of a plan of action in which, with the help of modern technology, we hope to provide exceptional experiences, based on speed, accessibility and low costs as key factors.”
“It will soon be made available for all Banesco Panama clients,” he remarked.


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