Friday, 05 May 2023 14:57

Researchers Network presents study on the evolution of the Transfer365 system

Written by Evelyn Alas

The Researchers Network of the Banco Central presented the study entitled "Evolution of the Transfer365 payment system and its impact on the Salvadoran economy", which presents an analysis of the development and evolution of this system almost two years after its implementation, as well as an evaluation of the benefits it provides to the population using payment systems in El Salvador.

The study presented a general description of the Transfer365 system and its operation process. Among its main features, it highlights the total coverage of financial institutions that capture funds from the public, such as cooperative banks, savings and credit societies, federations and other authorized participants, being the largest network of financial institutions in El Salvador.

Transfer365 operates from any digital channel of participating financial institutions and allows various operations such as fund transfers between bank accounts and payroll payments, loans and credit cards 24 hours a day, 365 days a year.

"Transfer365 is a clear example of the vision of President Nayib Bukele, who has instructed us that public has to be better than private. We have managed to modernize financial services for the benefit of the population and, additionally, improve financial inclusion through tools that are easy for salvadorans to access and use", said the president of the Banco Central de Reserva, Douglas Rodríguez.

Among the main benefits of this system are the immediate accreditation and availability of funds, its use within reach of all individuals and companies free of charge using international standards, and the contribution it makes to consolidate a modern financial system, boosting the country's economy through greater circulation of money.

According to the study, during its 22 months of operation, 14,136,719 transactions were carried out through Transfer365, equivalent to US$17,377.01 million. In this way, this free payment system has generated savings of US$31.95 million in interbank transfer commissions for the salvadoran population and has facilitated transactions that were previously not possible in person at bank branches, since 35.84% of the transactions were carried out during non-business hours and 24.10% on weekends or holidays.

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It should be noted that as of june 2022, measures have been taken to promote the use of Transfer365, through the launch of Transfer365 Mobile, which allows transfers to be made using the cell phone number associated with a bank account, as well as Transfer365 Business, which makes it easier for entrepreneurs to make high-value and urgent transfers.

The research incorporates an evaluation of the public's use and acceptance of the Transfer365 service through a survey. Among the main results, 91% of people prefer to make their payments through electronic transfers and 89% are familiar with the Transfer365 service.

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The main transactions carried out by respondents through this system are transfers between accounts, followed by credit card payments, supplier payments and loan payments. They also highlight that the main benefits they perceive with its use are: time savings, 24/7 availability, speed of payments, security of their money and free service.

Finally, it was noted that the Banco Central  seeks to offer fast, secure and efficient digital payment methods to salvadorans. With the launch of Transfer365, it is demonstrated once again that the Banco Central de Resrva is continuously working for the modernization and innovation in payment systems for the benefit of the population.

 

Translated by: A.M