PANAMA CITY.- The Panamanian electronic payment network, Telered, celebrated the 50th anniversary of the creation of the automated teller machine worldwide, highlighting its Clave system, as a fundamental part of the local financial system evolution.
ATMs have been present in Panama for 30 years. But it was not until 1990 that a financial, economic and political restructuring began in the country that led to the creation of the Clave system, which began with ten affiliated banks and only twenty-five ATMs that allowed withdrawals, deposits and balance inquiries.
By June 1992, all member banks were connected to the system and by the end of that year, 42,000 cards had been issued.
The Clave ATM network now surpasses 2,000 units, offering thousands of people access to transactions and cash withdrawals 24/7. Also, it allows cash withdrawal worldwide thanks to its connection with Cirrus and Plus.