The Cayman Islands Automated Clearing House (CIACH) has adopted a phased approach to the implementation of its new payment services. The second phase has brought the introduction of an Electronic Cheque Image Exchange which will facilitate the electronic exchange of cheque images and improve the speed with which interbank cheque transactions, in both Cayman Islands dollars and United States dollars drawn against local banks, are settled.
To support Electronic Cheque Image Exchange, new standards have been agreed for the production of Manager’s Cheques issued by all Participating Banks and for the production of Cheques issued by all of their clients. The deadline for clients to acquire and issue personal and/or corporate cheques compliant with the new cheque standards is April 30th, 2020.
The benefits of the new cheque standards are;
Want additional details about the new cheque layout standards? Contact your bank today! Have a question or concern?