Managing Director Paul McWeeney reports that The Bank of The Bahamas (BOB) now has a system in place that reduces US cheque deposit clearance time by up to 700%. According to Mr. McWeeney, this is a *”prime example of putting available technology to use for real results.”* The new system allows customers with substantial US dollar transactions to have cheques cleared within three to four days.
Vaughn Delaney, Deputy Managing Director of the Information Technology at the Bank, adds *”Imaging technology is key to making quick processing possible. BOB made a major investment in imaging software as part of our comprehensive e-banking solutions, knowing that in the future, it would have additional applications. That future is here.”*
In preparation for the service, Bank of the Bahamas was required to become compliant with US cheque clearing laws outlined in the *Check Clearing for the 21st Century Act* (Check 21). Tanya Wright, Senior Manager of Business Development and Public Relations, says that this effectively *”allows banks to electronically exchange cheque images to settle transactions.”* The ability to reduce the time to settle US$ transactions is seen as key for business efficiency and the economy’s competitiveness.
Mr. McWeeney also has announced plans to convert the institution’s technology platform to a new “core banking solution” by the end of the year; a platform that enhances the way Bank of the Bahamas International conducts business both internally and externally, and from which it will launch new products.