The Superintendency of Banks Organization has declared there will be changes for cheques issued by banks in Panama.
The Superintendency of Banks Organization regulatory changes are aimed to improve the time it takes for a cheque to clear from three days to just one day. They do this by fully digitizing a cheque the second it leaves the customer’s hand at the bank, destroying the physical cheque right then and there and opening up the door to a much quicker cash-conversion process.
Banks outsourcing their cheque-making operations will need to make sure that the vendors they use comply with the ANSI X9.7 Standard, have a security background printing using invisible fluorescent ink, have penetrating ink for Arabic numbering, and must have a protective surface treatment that will negate scraping and attempts at erasure. The cheques must also include a security watermark in a pastel or soft tone using fugitive ink. Personal cheques must be 152.4×69.85 mm for standard use and 74×69.85mm for extended use. Lastly, commercial and cashier cheques must be 74×92.96 mm.
Printech Global, a firm offering paper and cheque-printing software, wishes to express to their customers that they are now fully compliant with the Superintendency of Banks Organization’s new requirements for cheque processing in Panama.
