Fidelity Bank and six local participating banks are launching a new Cheque Image Exchange process that enables the exchange of cheque data electronically.
This will bring more efficient cheque settlement times and faster access to funds for customers as part of the second phase of the Cayman Islands Automated Clearing House (CIACH).
Starting in 2017, the CIACH brought together six class A retail banks in Cayman to begin a process to electronically transmit bank to bank transactions such as payroll, dividend payments, pension payments, supplier payments, personal transfers and standing orders on behalf of their clients in real time. (This is subject to the agreed daily times for exchange between banks).
This reduced the need to use manager’s cheques, banker's drafts, personal or business cheques or cash. This process, known as Electronic Funds Transfer (EFT), facilitates the electronic movement of direct debit and credit transactions in both Cayman Islands dollars and United States dollars to personal and corporate accounts held in the Cayman Islands.
"We're pleased to continue the momentum with Cayman's ACH as the phase two efforts for cheque imaging streamline our processes and allow our customers to gain faster access to funds after depositing against "other bank" cheques," said Richard Johnson, Fidelity Bank Chief Operating Officer. “It also allows our service teams to address customer inquiries faster so that we can provide better service."
ACH (Cayman) Limited was established in 2017 to plan and implement the Cayman Islands Automated Clearing House (CIACH). CIACH is an electronic payment and cheque imaging system that is shared by participating banks in the Cayman Islands.
ACH (Cayman) Limited is jointly owned by the six class A retail banks: