Six retail banks have partnered to offer local automated clearing house services in the Cayman Islands for the first time, according to a press release from the Cayman Islands Bankers’ Association.

The banks contracted the Barbados-based Prism Services Inc. on Sept. 15 to administer the automated clearing house system – an electronic network that processes transfers such as direct deposits, payroll, and vendor payments.

The institutions participating in the system are Fidelity Bank, Cayman National Bank, CIBC FirstCaribbean International Bank (Cayman), RBC Royal Bank Cayman, Butterfield Bank and Scotiabank & Trust (Cayman).

‘More efficient business’

Cayman Islands Bankers’ Association President Brian Esau touted the automated clearing house as a way for banks here to conduct business more efficiently.

“New innovations and technology are changing the way consumers and businesses access, move and use their money,” he said. “In addition to being highly reliable, this system is extremely secure and is more cost-effective, secure, and quicker than processing paper checks and other forms of payment-related information.”

The initiative to establish an automatic clearing house system began in April 2016, and is set to launch early next year, according to the Bankers’ Association.

“As the project progresses, customers should look out for communications that will help them understand and access these new services,” Mr. Esau said.

Prism Services was founded in Barbados in 1993 as a technology consultancy firm for the financial services sector. It now has clients in more than 22 countries and offers a variety of services related to financial transaction processing, project management, document management and data center services.

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