Market specifications

Do you want to know more information about Panama's market? Go to the Tap Into Latin America’s High-Growth Potential article.

Country reference

`country` code	`currency` code	`amount` decimals	`beneficiary.document.type` name	`beneficiary.document.id` format
`PA`	`USD`	2	Cedula de Identidad	8 digits

Document validations

Validation	Name	Length	Type	Verification digit
Document	RUC	Between 7 to 15	characters	No
Document	Other document	Between 7 to 12	characters	No

Mandatory parameters

Bank transfers

Bank transfer parameters	B2C	B2B	P2P
`external_id`	Yes	Yes	Yes
`payment_method_id`	Yes	Yes	Yes
`flow_type`	Yes	Yes	Yes
`purpose`	Yes	Yes	Yes
`amount`	Yes	Yes	Yes
`country`	Yes	Yes	Yes
`currency`	Yes	Yes	Yes
`beneficiary.document.id`	Yes	Yes	Yes
`beneficiary.first_name`	Yes	Yes	Yes
`beneficiary.last_name`	Yes	Yes	Yes
`beneficiary.bank_account.code`	Yes	Yes	Yes
`beneficiary.bank_account.account`	Yes	Yes	Yes
`beneficiary.bank_account.type`	Yes	Yes	Yes
`beneficiary.address.street`	-	-	Yes
`beneficiary.address.city`	-	-	Yes
`remitter.first_name`	-	-	Yes
`remitter.last_name`	-	-	Yes
`remitter.document.type`	-	-	Yes
`remitter.document.id`	-	-	Yes
`remitter.nationality`	-	-	Yes
`remitter.address.street`	-	-	Yes
`remitter.address.city`	-	-	Yes
`remitter.address.postal_code`	-	-	Yes

Payment methods

Panama supports payouts via Bank transfers. This method requires specific parameters and follows validation rules aligned with local compliance and banking standards.

Bank transfers

Bank transfers in Panama require detailed account information, including document ID, beneficiary name, bank code, bank account number, account type, currency, and amount. The format of these fields depends on the receiving bank, and strict validation rules apply.

Refer to the document validations and bank codes sections for format specifications.

Mandatory parameters

All fields listed below are required for bank transfer payouts. For successful processing, ensure correct formatting and value types.

Mandatory parameter	Description
`external_id`	Payout identification at the merchant's end. Maximum 100 characters.
`payment_method_id`	Payment method. For bank transfers, use `BANK_TRANSFER`.
`flow_type`	Payout flow type. Valid values: `B2C` (Business to Consumer), `B2B` (Business to Business), or `P2P` (Person to Person).
`purpose`	Payout purpose code. See purpose codes reference.
`amount`	Payout amount in the currency set in the `currency` field. Use up to 2 decimal places.
`country`	Country code. For Panama, use `PA`.
`currency`	Payout currency. For Panama, use `USD`.
`beneficiary.document.id`	Beneficiary's document number: Passport, Cedula, RUC number. See document validations below.
`beneficiary.first_name`	Beneficiary's first name. Maximum 50 characters.
`beneficiary.last_name`	Beneficiary's last name. Maximum 50 characters.
`beneficiary.bank_account.code`	Beneficiary's bank code. See bank codes below.
`beneficiary.bank_account.account`	Beneficiary's bank account number. Maximum 45 characters.
`beneficiary.bank_account.type`	Beneficiary's bank account type. Account type: `C` for Checking accounts, `S` for Savings accounts.
`beneficiary.address.street`	Beneficiary's address street. Maximum 200 characters. Mandatory only for remittance (P2P).
`beneficiary.address.city`	Beneficiary's address city. Maximum 100 characters. Mandatory only for remittance (P2P).
`remitter.first_name`	Remitter's first name. Maximum 50 characters. Mandatory only for remittance (P2P).
`remitter.last_name`	Remitter's last name. Maximum 50 characters. Mandatory only for remittance (P2P).
`remitter.document.type`	Remitter's document type: `ID` for national identification number, `PASS` for passport. Mandatory only for remittance (P2P).
`remitter.document.id`	Remitter's document number. Maximum 45 characters. Mandatory only for remittance (P2P).
`remitter.nationality`	Remitter's nationality. ISO 3166-1 alpha-2 code. Mandatory only for remittance (P2P).
`remitter.address.street`	Remitter's address street. Maximum 200 characters. Mandatory only for remittance (P2P).
`remitter.address.city`	Remitter's address city. Maximum 40 characters. Mandatory only for remittance (P2P).
`remitter.address.postal_code`	Remitter's address postal code. Maximum 20 characters. Mandatory only for remittance (P2P).

Example request

{
  "external_id": "1234567812345678",
  "payment_method_id": "BANK_TRANSFER",
  "flow_type": "B2C",
  "purpose": "OTHER_SERVICES",
  "amount": 1148.00,
  "country": "PA",
  "currency": "USD",
  "beneficiary": {
    "document": {
      "id": "1267979689"
    },
    "first_name": "JUAN",
    "last_name": "RUIZ",
    "bank_account": {
      "code": "138",
      "account": "123456789123",
      "type": "CHECKING"
    }
  },
  "notification_url": "https://thisisawebsite.net/payments"
}

{
  "external_id": "1234567812345678p2p",
  "payment_method_id": "BANK_TRANSFER",
  "flow_type": "P2P",
  "purpose": "REMITTANCES",
  "amount": 1148.00,
  "country": "PA",
  "currency": "USD",
  "beneficiary": {
    "document": {
      "id": "1267979689"
    },
    "first_name": "JUAN",
    "last_name": "RUIZ",
    "bank_account": {
      "code": "016",
      "account": "123456789123",
      "type": "C"
    },
    "address": {
      "street": "Avenida Principal 123",
      "city": "Panama City"
    }
  },
  "remitter": {
    "first_name": "MARIA",
    "last_name": "LOPEZ",
    "document": {
      "type": "ID",
      "id": "5678901234"
    },
    "nationality": "US",
    "address": {
      "street": "Main Street 456",
      "city": "Miami",
      "postal_code": "33101"
    }
  },
  "notification_url": "https://thisisawebsite.net/payments"
}

Bank information

Access the reference formats and accepted values required for processing bank payouts in Panama.

Bank codes

These are the values the bank_code parameter can take in Panama.

Bank Name	Bank Code
BAC International Bank	138
Balboa Bank & Trust	168
Banco Aliado	108
Banco Azteca	150
Banco del Pacífico	91
Banco Delta	156
Banco Ficohsa	172
Banco General	7
Banco Lafise	157
Banco Nacional de Panama	1
Banco Panama	505
Banco Pichincha Panama	151
Bancolombia	175
Banesco	158
Banisi	161
Banistmo S.A.	2
Bank of China	116
Banvivienda	504
BBP Bank	165
BCT Bank International	139
BI-Bank	178
BICSA	51
Cacechi	252
Caja de Ahorros	77
Canal Bank	125
Capital Bank	159
Citibank	3
Coeduco	253
Cooesan	251
Coopeduc	250
Cooperativa Cristobal	500
Cooperativa Profesionales	71
Coopeve	254
Cooprac, R.L.	503
Credicorp Bank	110
Davivienda	18
Ecaseso	502
Edioacc	501
G&T Continental	162
Global Bank	115
Mercantil Bank	163
Metrobank	106
MMG Bank	147
Multibank	37
Prival Bank	167
Produbank	153
Scotiabank	42
St. Georges Bank	149
Towerbank	40
UNI Bank & Trust, Inc.	170