The way to make interbank mobile payments is evolving at Bancamiga. From now on, with the use of NFC short-range technology implemented by Suiche 7B, the transaction is completed simply by bringing the two phones together, facilitating and simplifying the process for both parties.

With this functionality, the data is automatically loaded, and you only need to enter the amount in the app, which improves the experience for both person-to-person (P2P) and person-to-merchant (P2C) payments.

To use this payment method, you must have the latest version of the Bancamiga Suite app. In this initial phase, in addition to Bancamiga, Bancaribe, BNC, and Banco de Venezuela are also participating. Payments can only be made between Android mobile phones that are NFC-compatible.

Bancamiga and Suiche 7B make greater convenience, immediacy, and security possible

To make a payment, open the Bancamiga Suite app and follow these steps:

• Tap Mobile Payment / New Mobile Payment / Quick Send.
• Select NFC Mobile Payment and enter the Amount, Description, and tap Continue.
• Bring your phone close to the other person’s phone, and you will see the payment confirmation on your screen.

The recipient must open their bank’s app, follow the steps, and bring their phone close to the sender’s phone.

In this new phase, Bancamiga and Suiche 7B are working together to provide instant mobile payment transactions. This is an example of technological advancement, functionality, and above all, security.

For additional information, please visit www.bancamiga.com, call 0500TUBANCA (05008822622) or 0500BANCAMI (05002262264), or follow @Bancamiga on X, Facebook, Instagram, YouTube, and TikTok.

Information provided by Bancamiga Banco Universal

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La entrada Bancamiga implements mobile payment with NFC technology apareció primero en Bitfinance.

This Monday it was learned that the Banco Nacional de Crédito, chaired by Jorge Luis Nogueroles García, closed on Friday, March 4, the purchase of the healthy assets of the financial group Banco Occidental de Descuento, BOD.

According to the information disseminated through social networks and national media, the negotiations had been going on for some time, and involved not only the BNC as a possible buyer, but also other banking entities and financial institutions in Venezuela.

M.Pino

Source: primicia

La entrada BNC would have formalized the purchase of the Banco Occidental de Descuento apareció primero en Bitfinance.

The Venezuelan Banking Association (ABV) alerted the Central Bank of Venezuela (BCV) about the difficult liquidity situation facing the banking system and requested the revision of the legal reserve rate of 93% and other measures that alleviate the pressure expressed at rates above 1,500% in the overnight interbank loan market or «Overnight».

“Throughout 2020, an increase in operations and in the interest rates negotiated in the interbank market became evident. On average, the rates were 161.53%, registering in the months of April and August, interests that reached the levels of 329.8% and 323.8%, respectively, with daily maximums of 980.6% “, describes the ABV document.

What the bankers’ communication reveals is that the weight of an excessively restrictive liquidity policy places the system in a serious situation of illiquidity, which has now reached a serious level, similar to the marks of April and September last year. as published by the Banca y Negocios media.

What does the Banking Association of Venezuela request?

– The revision of the percentage of legal reserve that remains at 93% of public deposits.

– Urgently approve a system that regularly increases legal reserve deductions, since the most recent, which amounted to 30 trillion bolivars, approved on September 17, has already lost all effect, since it is only equivalent to 7 , 1% of current requirements. According to the union’s calculations, an additional reduction of 88.3 billion bolivars is required “to reach a situation equivalent to September 2020.”

– The revision of the method for calculating the financial costs -very onerous for the system- derived from the deficits of legal reserve, «which currently takes as a reference the variation of the Investment Index (IDI), given that in the periods in which the exchange rate shows volatility, this can make banking institutions incur costs with substantial impacts on their financial statements, affecting in a real way their stability and continuity ”.

It should be remembered that the IDI is a value index that is indexed to the variation of the exchange rate and, therefore, implies an indirect dollarization.

January has become an especially critical period for bank liquidity. In the ABV statement, it is revealed that the costs for reserve requirements rose to maximum of 1,967% and 1,742% on January 5 and 6, respectively.

A “situation that can hardly be managed by banking institutions and that are the product of structural elements of the economy, since the coverage of the legal reserve can be met with a stable growth in the flow of funds, but it is difficult when there is volatility as occurs currently due to the change in seasonality ”.

The social impact of this situation is the contraction of bank credit, an indispensable tool to support an eventual recovery of the economy.

G. Febres

With information from the ABV and Banca y Negocios

La entrada ABV alerts regarding illiquidity in banks and requests the BCV to review the legal reserve apareció primero en Bitfinance.

The Venezuelan ruler, Nicolás Maduro, announced during the presentation of his Report and Account before the new Parliament on Tuesday, January 12, that the opening of accounts in convertible currencies, at all levels, will be allowed so that merchants “can legally open their accounts in dollars ”and process their payment operations, duly supervised by Sudeban.

According to what was announced by the ruling party and Chavez leader, the purpose is to digitize the payment systems against these accounts, but the transactions will be processed in bolivars and “the conversion is made.”

Maduro pointed out that “the dollarization of trade is a beneficial escape valve” and now those mechanisms of resistance and survival must begin to “pay tribute to the State and the people”.

77% of transactions are done digitally

In his statement, Nicolás Maduro said that “the use of foreign exchange to boost the economy has been positive, dollarization has been an escape valve. It is essential to reaffirm the use of the Bolivar and regulate these new processes to make them more efficient ”.

He stressed that the exchange rate flexibility measures do not imply an abandonment of the bolivar, for which he stressed that “this year the use of the petro will be promoted”; through the implementation of payment methods based on the use of blockchain technology.

Regarding the loss of the value of the bolivar, Maduro denounced that “it is due to the financial blockade and the attack on the currency”, adding that “now there is a sustained recovery process, which combines a partial dollarization of trade, with the digital economy. 77% of the country’s commercial transactions are carried out digitally in Venezuela. The rest, 23% is made with dollars in cash on the street ”.

G. Febres

With information from El Sumario, international media and social networks

La entrada Maduro ratified the go-ahead and defended the use of accounts in convertible currencies apareció primero en Bitfinance.

“In 2021, emphasis will be placed on strengthening electronic transactions and the digital economy”, stressed the senior official.

Members of Nicolás Maduro’s administration participated this Friday, January 8, in a meeting with the banking sector to evaluate the necessary mechanisms “to strengthen the digital economy.”

The meeting, broadcast by Venezolana de Televisión, was attended by the executive vice president, Delcy Rodríguez; the vice president for the Economic Area, Tareck El Aissami, and the president of the Central Bank of Venezuela (BCV), Calixto Ortega.

The Anti-Blockade Law, approved by the National Constituent Assembly (ANC), was also mentioned and presented.

On January 1st, President Nicolás Maduro had advanced and stressed the importance of strengthening the digital economy in 2021.

At that time, Maduro exhorted the national banking system to advance the digital economy by 100% during 2021, and urged the Superintendency of the Institutions of the Banking Sector (SUDEBAN) to carry out the necessary coordination for the implementation of the payment methods, making use of technological innovations to boost the country’s economy.

This meeting is part of said strategy, which will demand more innovation in the means of payment and better functioning of the Internet in Venezuela.

G. Febres

With information from Venezuelan national media and news agencies

La entrada Electronic transactions and economic digitization are strategic for Venezuela apareció primero en Bitfinance.

Venezuelan President Nicolás Maduro announced that his administration will authorize Venezuelan banks to create accounts for payment in foreign currency and reiterated that the country is heading “towards a 100% digital economy.”

“We are going to create payment formats in digital currency, via digital, with savings accounts in foreign currency in Venezuelan banks. Savings accounts, checking accounts, in foreign currency are being authorized and people will be able to pay at the price of the currency in bolivars in the general market in the country. It means that it is an escape valve”, he said in an interview with Spanish journalist Ignacio Ramonet.

100% digital economy in Venezuela

Maduro assured that the dollar is handled in a more “open and public” way in the country for trade and for the “satisfaction of the needs of important sectors of Venezuelan life.”

Although he denied that Venezuela has a completely dollarized economy, he stressed that in the country there is no “contradiction” between dollarization and revolution, but there is “complementation” between the bolivar and the foreign currency.

The president also recognized that 3.4% of the country’s transactions were made in bolivars in cash, for which he proposed to expand the digitization of the economy to “100%”.

G. Febres

With information from national and international media and social networks

La entrada Maduro will authorize Venezuelan banks to create foreign currency accounts apareció primero en Bitfinance.