Discover Financial Services and Telered, the main processor of electronic transactions and payment methods in Panama, have partnered to improve the payment experience for Panama’s residents, visitors and merchants.
In this strategic alliance, Telered will integrate with the Discover Global Network through Sistema Clave, an interbank network of ATMs and points of sale in Panama that is managed by Telered, the companies said in a Friday (Nov. 15) press release.
“Discover Global Network is bringing wide global acceptance, increased security and technology to Sistema Clave while gaining acceptance access to Panama’s full network of merchants for our own global cardholders,” Alejandro Orestano, vice president of international markets at Discover, said in the release.
This agreement will enable Sistema Clave users to make purchases and payments at more than 70 million global acceptance locations, do the same on online merchants and streaming platforms, and withdraw cash at 1.8 million ATMs worldwide across Discover’s network, according to the release.
It will also allow Discover Global Network cardholders to transact at Telered merchants in Panama, the release said.
For merchants in Panama, the agreement will allow transactions from more than 345 million cardholders from around the world, including those from Discover Network and more than 25 strategic alliances, per the release.
“This alliance not only strengthens our position as industry leaders but also contributes to improving the payment experience for both residents and visitors, generates new business opportunities and strengthens the digital payment platform both inside and outside the country,” Alexander Acosta, executive vice president and general manager of Telered, said in the release.
Panama is serving as a blueprint for innovative technology adoption in Central America and the Caribbean, according to the PYMNTS Intelligence and Kushki collaboration, “Digitizing Payments in Latin America Playbook.”
In addition, connected devices offer consumers the ability to quickly adopt digital payments, Julius Alexander III, head of emerging payments at Discover Global Network, told PYMNTS in an interview posted Nov. 4.
“There are many shifts that have to happen to provide a frictionless and efficient experience for consumers as new technologies mature,” Alexander said, adding that as the digital landscape develops, companies must adapt to new consumer behaviors by embracing emerging payment advancements.
U.S cryptocurrency stocks fell in early trading Thursday (April 3) following the latest White House tariffs.
As Reuters reported, the sweeping new levies have left investors shaken, leading them to sell riskier assets. Bitcoin fell 2.3%, the report added, with ether down 3.3%.
While President Donald Trump appears more crypto-friendly than his predecessor, the report notes, wilder economic instability tied to the sector could still affect some companies. However, some analysts argue the price drops were less dramatic than in other industries.
“The price action highlights crypto’s hyper-democratic and borderless nature, allowing investors worldwide to hedge against the potential impact of macroeconomic uncertainties,” said David Hernandez, crypto investment specialist for 21Shares.
Crypto exchange traded funds (ETFs) could also see some retail investors who will be hunting for opportunities, Marco Iachini, senior vice president of research at Vanda Research told Reuters, adding that size of that flow could shrink in shakier conditions.
Trump’s latest tariffs, announced Wednesday (April 2) are a sweeping set of country-based levies. Though described as “reciprocal,” the president said that doesn’t necessarily mean parity, as many of the tariffs on U.S. trading partners settled at around half, or less: China was levied duties of 34%, the European Union 20%, India 26%, Switzerland 31% and Japan 24%, among others.
There’s also a 10% blanket tariff on imports, a 25% tariffs on automobile imports, and a similar tax on auto parts set to go into effect next month. This is on top of the tariffs the administration has already imposed on Canada, Mexico and China, and on automobiles, steel and aluminum.
“The implications are as vast as they are immediate,” PYMNTS wrote Wednesday. “From global supply chains to financial transactions, the recalibration of tariffs could have far-reaching consequences. As enterprises grapple with new realities, the relationship between tariffs and know-your-business (KYB) compliance has become intertwined.”
The report added that tariffs can incentivize companies to find new suppliers or partners, especially when trying to avoid higher costs.
“At the same time, when tariffs are imposed or adjusted, businesses must ensure compliance not only with customs regulations but also with broader compliance frameworks, including KYB,” PYMNTS wrote.
KYB has become a crucial part of corporate compliance, that report added, especially for financial institutions and multinational corporations managing complex supply chains.
“Increasing tariffs can create incentives for businesses to resort to fraudulent practices such as transshipment, undervaluation, or misclassification of goods,” PYMNTS wrote. “Robust KYB protocols are instrumental in helping to detect these schemes and safeguard corporate compliance and reputation.”
