Press Release

Bahamian banks mull switch decision

March 9, 2012

Bahama's commercial banking industry hopes to make a decision by the end of April on the establishment of a local switch network, said a news story in The Tribune. This would finally give Bahamians debit card access to funds in their checking and savings accounts from anywhere in the world.

According to Kevin Teslyk, Scotiabank (Bahamas) managing director, the Clearing Banks Association was conferring with Bahamas-based and international providers who could provide switch technology.

Teslyk said the move would boost consumer efficiency and commerce in the Bahamas, and take the nation "mainstream" by placing it on the same level as many developed countries.

"As part of continuing to support the growth and development of e-commerce in the Bahamas, and increase the movement away from check and cash sources to the benefit and cost savings of consumers, we're working with the CBA and Central Bank," he said.

Bank of the Bahamas International recently announced plans to launch an e-commerce site within six months that would provide online merchant accounts for Bahamian businesses. This, along with plans to add direct debit and credit functions to the ACH, and the proposed switch network, suggest that the Bahamas banking industry is making serious moves toward the convenience and flexibility of e-banking.

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