[April 20, 2018] |
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Aperta Provides Electronic Funds Transfer (EFT) in Cayman Islands
Once again, the Aperta Active Clearing System (ACS (News - Alert)) 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 rage 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180420005433/en/
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