Regulatory Alerts2020-06-25
Agreement No. 6 (2020) Modifying Agreement No. 1-2016 on ACH Clearing and Funds Availability
The Superintendence of Banks of Panama issued Agreement No. 006-2020 to modify the clearing and settlement schedules for Automated Clearing House (ACH) transactions in alignment with the National Bank of Panama's new Real-Time Gross Settlement (RTGS) system. The regulation establishes three daily scheduled sessions for fund remittance, net position settlement, and final availability, replacing the previous single daily cutoff times. These changes mandate that banks ensure sufficient liquidity in their settlement accounts by 10:15 a.m., 1:00 p.m., and 5:00 p.m., with corresponding settlement and fund release deadlines at 11:00 a.m., 1:45 p.m., and 5:45 p.m. local time.
Share