Copyright thenassauguardian
Shawn Smith, business development manager for SunCash – a technology company specializing in financial payments and transfers – said yesterday that The Central Bank of The Bahamas (CBOB) will be building on the infrastructure for fast payments that SunCash has already put in place for the implementation of The Bahamas’ digital currency, the Sand Dollar. Smith told Guardian Business: “The fast payment system, I think is really going to make a big difference in The Bahamas. I think what it’s going to do is increase financial inclusion, because essentially, this is going to be a real-time settlement system. The system in place now is that if someone sends money from one bank to the other, depending on when it was sent, It could take 24 hours or the next day, and if sent over the weekend, including Friday, it will not make it to the recipient’s bank account until Monday. The proposed new fast payment system will now enable clearing banks to transfer money within seconds to someone’s bank account or Sand Dollar wallet. Smith also said: “I’d say what the CBOB is doing is going to build on what we’ve already implemented. That’s probably the best way to say it, and it’s going to connect all of the systems with the bank system on a real-time basis. “So now the persons who are in Ragged Island, for example, who normally would be taking a day or two days to do cash transactions, they’re now going to be able to do transactions real time, because we have ATMs and kiosks and a presence throughout all of these islands. You’re now connecting them through the fast payment system, they’re now going to be able to do real-time transactions.” The Central Bank of The Bahamas (CBOB) has issued a request for proposals to find qualified firms to bid on the development of a fast payment system, the CBOB said in a statement on Friday. The CBOB said a fast payment system is aligned to the government’s efforts to improve payment efficiency through its Payments Systems Modernization Initiative (PSMI). “This project seeks to guide the implementation of a fast payment system solution that enables real-time payments in The Bahamas on a continuous basis,” the Central bank said in its statement. Smith also said: “We will work with the CBOB on their fast payment system rollout, because we have the technological expertise and we are doing that right now through the Sand Dollar implementation. “If selected through the RFP process, or not, we will help to build with the CBOB a platform that can service the financial needs and requirements of a modern-day citizen.”
