[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108184-en":3,"doc-seo-108184-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108184,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","Panama Financial Sector Assessment Program - Technical Note - Payment Systems and Digital Financial Services","This technical note provides a high-level assessment of Panama’s payment systems and the role of financial inclusion, based on analysis supporting the Financial Sector Assessment Program (FSAP) mission findings and recommendations. It consolidates technical evaluation across public and private sector commitment, legal and regulatory arrangements, financial and ICT infrastructure, payment product design, access points, and financial literacy. It also reviews large-volume recurrent payment streams and includes annexes on financial inclusion overview and regional experiences regulating payment systems.","November 2023  \nPublic Disc losure Authorized  \nPub lic Disc losure Authorized  \nTHE WORLD BANK GROUP  \nPANAMA  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nPAYMENT SYSTEMS AND DIGITAL FINANCIAL SERVICES  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Panama during June 2023 led by Richard Stobo, IMF and Emile van der Does de Willebois, World Bank, and overseen by the Monetary and Capital Markets Department. IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap).  \nCONTENTS  \nAcronyms .................................................................................................................................................................................... 3  \nExecutive Summary ................................................................................................................................................................. 5  \nIntroduction ............................................................................................................................................................................. 11  \nI Public and Private Sector Commitment ............................................................................................................. 13  \nII Legal and regulatory framework ........................................................................................................................... 17  \nIII Financial and ICT infrastructures ...........................................................................................................................37  \nIV Product design .............................................................................................................................................................53  \nV Readily available access points ..............................................................................................................................58  \nVI Awareness and financial literacy ...........................................................................................................................62  \nVII Large-volume, recurrent payment streams.......................................................................................................64  \nAnnex I – Overview of Financial Inclusion in Panama..............................................................................................68  \nAnnex II – Global and Regional Experiences in Regulating Payment Systems ..............................................75  \nReferences ................................................................................................................................................................................89  \nACRONYMS  \nABP  \nACH  \nAICPA  \nAIG  \nACODECO  \nAML/CFTANTAI  \nBNP  \nCCF  \nCDD  \nCSD  \nCOTEL  \nCPMI  \nCSIRT  \nDvP  \nENEF  \nFATF  \nFCP  \nFSAP  \nFMI  \nGPSS  \nIMF  \nINAMU  \nIOSCO  \nKFS  \nKYC  \nMICI  \nMIDES  \nMEF  \nNBFI  \nPAFI  \nPCI-DSS  \nPFMI  \nPIRPS  \nRPP  \nRTGS  \nAsociación Bancaria de Panama Automated clearinghouse  \nAmerican Institute of Certified Public Accountants  \nAutoridad Nacional para la Innovacion Gubernamental (National Government Innovation Authority)  \nAutoridad de Protección al Consumidor y Defensa de la Competencia Anti-money laundering/countering financing of terrorism  \nAutoridad Nacional de Transparencia y Acceso a la Informacion (National Authority for Transparency and Access to Information)  \nBanco Nacional de Panama (National Bank of Panama)  \nConsejo de Coordinación Financiera (Financial Coordination Council)  \nCustomer due diligence C","cbCaigXVcWASFcSX","https://ap.wps.com/l/cbCaigXVcWASFcSX","pdf",1054492,3,1,90,"English","en",105,"# Executive Summary\n# Introduction\n# Public and Private Sector Commitment\n# Legal and regulatory framework\n# Financial and ICT infrastructures\n# Product design\n# Readily available access points\n# Awareness and financial literacy\n# Large-volume, recurrent payment streams\n# Annex I - Overview of Financial Inclusion in Panama\n# Annex II - Global and Regional Experiences in Regulating Payment Systems\n# References","[{\"question\":\"What is the purpose of this technical note for Panama’s FSAP?\",\"answer\":\"It delivers the technical analysis and detailed information supporting FSAP assessment findings and recommendations on payment systems and financial inclusion.\"},{\"question\":\"Which topics are covered in the main sections of the note?\",\"answer\":\"The note covers sector commitment, legal and regulatory framework, financial and ICT infrastructures, product design, access points, awareness and financial literacy, and large-volume recurrent payment streams.\"},{\"question\":\"What additional material is provided in the annexes?\",\"answer\":\"Annex I presents an overview of financial inclusion in Panama, while Annex II summarizes global and regional experiences in regulating payment systems.\"}]",1784469360,227,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"panama-financial-sector-assessment-program-technical-note-payment-systems-and-digital-financial-services","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":20},"https://docshare.wps.com/document/research-report/",{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/panama-financial-sector-assessment-program-technical-note-payment-systems-and-digital-financial-services/108184/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the purpose of this technical note for Panama’s FSAP?","Question",{"text":75,"@type":76},"It delivers the technical analysis and detailed information supporting FSAP assessment findings and recommendations on payment systems and financial inclusion.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which topics are covered in the main sections of the note?",{"text":80,"@type":76},"The note covers sector commitment, legal and regulatory framework, financial and ICT infrastructures, product design, access points, awareness and financial literacy, and large-volume recurrent payment streams.",{"name":82,"@type":73,"acceptedAnswer":83},"What additional material is provided in the annexes?",{"text":84,"@type":76},"Annex I presents an overview of financial inclusion in Panama, while Annex II summarizes global and regional experiences in regulating payment systems.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,96,100,104,109,114,119,122,127,130,134],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":22,"slug":95},"Story & Novel","story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":46,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":46,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":46,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":46,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":46,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":46,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]