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Proposal today to Eliminate Wait Time on Cheque Clearings

Providenciales, 17 Feb 2015 – A major meeting this morning could modernize and revolutionize banking in the TCI according to the Financial Services Commission. An Automated Clearing House System is the main topic of focus for a consortium of banks who will discuss how they can implement the new method, also known as ACH. Media in a release is told ACH is a computer-based clearing and settlement facility established to process the exchange of electronic transactions between participating banks. In other words, real time payments and Cheque clearing between banks can be a reality; no more wait time.

The Committee, established by the FSC will also see how the establishment of this system can save clients’ money on cheque fees. The Bankers Association is fully onboard, according to the release, and Service providers Montran, Aperta and Jack Henry Associates have all been invited to present their software platform to the Committee in the coming weeks. As for what is next, members will determine which software to go with and establish the rules to govern the system. Once implemented, membership in the ACH will be mandatory for all banks holding a “National” license.

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