Banesco Panama joins Ripplenet

Banesco S.A. (Banesco Panamá) is a private bank owned by Spanish holding company Banesco Holdings Financiero, S.L. that provides financial services for consumers and corporate clients in Panama. The bank provides online banking, title loans, lines of credit, certificates of deposit, checking and savings accounts. Additionally, the bank provides savings accounts for businesses and SME loans. Its wholly-owned subsidiary Banesco Seguros S.A. (Panamá), established in 2007, offers insurance for domestic clients. The firm has 23 financial centers, including headquarters in Panama City, and a network of 24 ATMs in the country. Internationally, Banesco has a representative office in Colombia, a subsidiary in the Dominican Republic (Banesco Banco Múltiple S.A.), and another in Curaçao, (Banesco N.V.). Banesco was first established in 1992 and was licensed to operate as a commercial bank in 2007.

During Alex Cobb’s stream, it was revealed by a viewer, Sergio Marcano, that Banesco Panama has announced the succesful testing of an international transfer via Ripple and blockchain.

More details were announced on a LinkedIn announcement. Translated from Spanish via google:

“Today we position ourselves as the first bank in the region to conduct a successful performance test of international transfers, through Ripple, a platform that connects banks worldwide, using blockchain. The test consisted of a transfer between a bank in Peru and Banesco, through the Ripple platform. “This is just the beginning of a plan of actions, where leveraged in technology we seek to provide exceptional experiences, based on speed, accessibility and low costs, as key elements,” said Rodrigo González Panice, Executive Vice President of innovation, transformation and experience of Banesco. Soon we will be announcing the availability of this innovative service in the Panamanian market.”

Ripple seems to be tapping into new markets and expanding, while Banesco’s announcement raises another question. Which bank conducted the transfer from Peru? We will research this further and let our readers know what we find.