The Central Bank has taken the lead in developing an automated payment system that is expected to include all major commercial banks in this nation, Neil Ferris, a government consultant with theUK firm Electronic Payments and Commerce, told The Tribune yesterday.
Describing the implementation of such a system as “an essential part of the e-commerce” structure of The Bahamas, Mr. Ferris said the project’s initial phase involved the consulting team examining any systems or networks already in place, then making recommendations that will include a breakdown of costs for the participants so they can decide how they want to proceed.
Currently customers are unable to transfer money online to two separate banking entities.
Mr. Ferris said the two main systems the consultants are reviewing include an interbank payment system, which will allow for the transfer of monies between banks and the automaying of direct cheques.
He applauded the Central Bank for taking the initiative to lead the private sector into e-commerce and e-business, adding that implementation and integration of an automated system will further bolster The Bahamas’ image in the international financial services arena.
Source: Yolanda Deleveaux, The Tribune
