The interbank transfer platform of the Central Reserve Bank (BCR) called Transfer365 has boosted the revitalization of the national financial system and represented a source of savings for Salvadorans.
According to the head of the BCR, Douglas Rodríguez, the system was designed to solve the deficiencies in transfers between banks, such as the commission charge of up to $3 per transaction that is made in private initiatives.
In this sense, since its start of operations in June 2021, Transfer365 has saved Salvadorans around $23 million in commission payments.
«We consider that it is the most efficient, secure, and free transaction system. It’s free no matter how much is transferred,” he noted.
“We are the first country in Latin America that has a transfer system that works 24 hours a day, seven days a week, 365 days a year,” he added.
This and other benefits, such as enabling the participation of 25 financial institutions, including large commercial banks, savings and loan associations, and cooperative banks, have allowed it to gradually become the favorite option for Salvadorans.
According to data from the institution, this means of payment maintains more than 50% participation in the country’s retail transaction market.
In addition, the BCR indicated that until March 5, 2023, $15,598.44 million had been mobilized in the state system through 11.9 million operations.
«We have seen that there is a massive use of Transfer365, not only by individuals but also by businesses and companies. The channel continues to grow, and the use is massive, “he said.
On the other hand, Rodríguez highlighted that, because Salvadorans can make their interbank transfers from the comfort of their homes or from anywhere in the world, it was identified that the majority of operations were executed during non-business hours and during the short week.
Growth of the financial system
The dynamism registered by Transfer365 is one more indicator that the local financial system remains healthy.
Recently, the Superintendence of the Financial System (SSF) reported that the deposit portfolio, the main source of liquidity for the system, reported an interannual growth of $1,093.2 million until February 2023.
Likewise, until the same period, the banking sector indicated that there was a year-on-year increase of $289.4 million in savings assets, thus reaching $5,998.89 million.