Thursday, February 18, 2010
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Four million checks to be handled by ACH in 2010 By Scott Armstrong ~ Guardian Business Editor scott@nasguard.com: Just two weeks since its launch The Bahamas' new electronic banking system is expected to speed up the clearing process for up to four million checks in 2010. After a year of testing, the Automated Clearing House went live a fortnight ago today and early indications are that it has already speeded the process up, and it is working well. The Nassau Guardian revealed how it had handled 10,000 checks worth in excess of $10 million its first day of operation, a work rate which has held steady since. Brian Smith, business manager of Bahamas Automated Clearing House (BACH), said: "The Central Bank told us before we went live we could expect to handle around 3.6 million to 4 million checks and pretty much we look to be on that track. We are still handling about 10,000 checks every day. "So far everything seems to be running pretty much as expected, which is why we rigorously tested the system before going live. T "There have been no surprises and the banks have not raised any issues, I guess if you don't hear anything it is going well. "So far we are aware of no hiccups and certainly the banks would have let us know if there were any complaints." The ACH means that banks can now exchange their checks electronically rather than physically have the carried to the Central Bank's exchange, meaning funds are transferred much quicker. The system should also pave the way for consumers to pay all of their bills by direct debit and increased online banking, and Smith told The Nassau Guardian that the banks still looked on track to expand into the field any time from one to three months since the launch. Those banks include in the ACH are Bank of The Bahamas Limited, Citibank, N.A., Commonwealth Bank, Fidelity Bank (Bahamas) Ltd., FirstCaribbean International Bank (Bahamas), RBC Royal Bank of Canada and Scotiabank. Regulatory oversight is provided by The Central Bank.
Friday February 05, 2010 |
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