Spain-based bank BBVA has partnered with BAC Credomatic to enter the Central American market and offer transnational transaction services. The banks have reached an agreement through which customers of both banks will benefit from the partnership, which extends the geographical coverage of the banks’ cash management operations.

One IBAN to serve both banks Using the BBVA Pivot system, business clients can make payments and transfers across the six Central American countries. Pivot will recognise BAC accounts as if they were from BBVA. Officials from BBVA said that Central America is a region where BBVA Pivot has not been present until now, and the agreement with BAC Credomatic enables them to respond to the demand of many of their Latin American and Spanish clients who operate with suppliers and customers in these countries.

A year after its launch, Pivot has more than 1,500 clients. It expects to reach a transaction volume of USD 731 billion by the end of 2022, which is the equivalent of Turkey’s GDP. Before this deal, Pivot was available in 24 currencies and 15 countries: Mexico, South America (Argentina, Peru, Colombia, Uruguay, Venezuela, and Chile through a partnership with Chilean bank Banco de Crédito e Inversiones), Europe (Spain, Turkey, Belgium, France, Portugal, and the UK), the US, and Hong Kong.

Saving time with centralised operations According to Credomatic, companies that operate in various geographies need to manage their banking procedures, liquidity decisions, financing, and other corporate treasury functions more and more efficiently. This higher efficiency is possible thanks to the centralisation of operations that allow solutions such as BBVA Pivot and the Digital Corporate Treasury—TCD of BAC Credomatic. The platforms give businesses a single global point of contact for their banking services.

In addition, Pivot will allow customers to make national and international payment arrangements via direct transfers, SWIFT, the web, or apps. According to World Bank figures from 2021, Central America—comprising Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama—had a total GDP of USD 285 billion. The region is predicted to grow by 3.

2% in 2023 and 3. 5% in 2024. .