Changes are being adopted country-wide to support the digitisation of Cayman’s cheque clearing system. Cheques must be image-friendly so that all Participating Banks are able to exchange data electronically instead of physically exchanging the cheques between banks. Additional details for clients on the changes, are available directly from your bank. Once the new standards are adopted, interbank processing of cheques using the Automated Clearing House (ACH) service will be faster and more efficient.
An Automated Clearing House (ACH) is an electronic payment network that facilitates the exchange of financial transactions. In the Cayman Islands, the ACH is used to facilitate the exchange and settlement of Electronic Funds Transfers (EFT) and Electronic Cheque Images across Participating Banks.
No. The institutions participating in ACH processing are the local Class A retail banks: Butterfield Bank (Cayman) Limited, Cayman National Bank Ltd., CIBC FirstCaribbean International Bank (Cayman) Limited, Fidelity Bank (Cayman) Limited, RBC Royal Bank (Cayman) Limited and Scotiabank & Trust (Cayman) Ltd.
The new image-friendly cheques will enable Participating Banks to exchange data electronically. This will result in more efficient cheque settlement times, resulting in faster access to funds by depositors.
If you ordered cheques from your bank after March 1st, 2020, your cheques should be compliant with the new cheque standards. You can continue to use these cheques until you have to order new cheques to replenish your supply. If you ordered before this date or are unsure of your order date, please contact your bank for assistance.