About Electronic Funds Transfer (EFT)
The Cayman Islands Automated Clearing House (CIACH) has adopted a phased approach to implementation. The first phase has brought the introduction of Electronic Fund Transfer (EFT) which will facilitate the electronic movement of direct debit and credit transactions in both Cayman Islands dollars and United States dollars to personal and corporate accounts held in the Cayman Islands.
Banks will now be able to electronically transmit bank to bank transactions such as payroll, dividend payments, pension payments, supplier payments, personal transfers and standing orders on behalf of their clients in real time, subject to the agreed daily times for exchange between banks. This will reduce the need to use Manager’s Cheques or Bankers Drafts, write personal or business cheques or use cash, as is required today.
The second phase implementing the Electronic Cheque Image Exchange is coming soon. We will tell you more about this service as this launch grows closer!
Want faster, safe, more efficient transactions? Contact your bank today! Have a question? Check out our FAQs.