Aperta Provides Electronic Funds Transfer (EFT) in Cayman Islands
Once again, the Aperta Active Clearing System (ACS) has delivered the mechanism for a country to implement a world-class electronic payment processing environment to maximize a national payments system’s efficiency, effectiveness, security and control.
Aperta partnered with the Cayman Islands ACH Operator (Prism Services (Cayman) Ltd.) and local commercial banks to deliver a new Electronic Funds Transfer system. The old process of banks swapping files in a wide-variety of standards and settling bilaterally has been replaced with a common system and standards, employing international-standard secure file transfer protocol, allowing participants to monitor real time net settlement and collateral positions via a secure portal.
The Cayman Islands Automated Clearinghouse (CIACH) links all six of the country’s banks and provides the central clearing and settlement mechanism for banks to exchange direct debit and direct credit transactions seamlessly across the country. It is functionally NACHA-compliant in the range of payment messaging provided.
The facilities to automate a wide range of payments are now in place and the member banks will be actively encouraging their clients to utilize them. Initial major benefits are likely to result in corporate clients automating bulk payments, such as salaries, and business-to-business payments. However, individual regular payments, such as those for utilities, mobile phone, and so on, will undoubtedly follow.
Aperta would particularly like to thank Prism Services (Cayman) Ltd., its staff and advisors, and all the commercial banks for their vision and commitment to achieving the extraordinary success of this project in a remarkably short time.
About Aperta Payment Systems
Aperta has developed a strong, world-class product portfolio and has provided many successful solutions across wide-ranging geographical locations and varied cultural backgrounds.
With over 450 client installations worldwide, Aperta is an acknowledged leader in providing secure payment solutions to financial and commercial institutions.
Aperta provides a complete range of payment and associated solutions: ACH processing, including central clearing house solutions in the United Arab Emirates, Bangladesh, Guyana and the Philippines; EFT and faster payments solutions; image-based cheque and remittance processing; Check 21-validated solutions; Document Image Archive; Signature verification; fraud-prevention and detection; and, many more related solutions.
For more information about Aperta and its products visit www.aperta.com.
Kevin Carpenter, +1 647-347-2405
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