Cayman Islands Bankers’ Association update on the Automated Clearing House (ACH) Network

The ACH network’s participant banks are pleased to announce that effective October 1 2025 the daily cut off time for domestic payments, or “EFT” payments will be extended by 1 hour at each bank, allowing such transactions to be submitted to the receiving bank as late as 3:30pm daily. Clients are encouraged to look out for further communications from their bank on this change.

"In today's digital age, embracing digital banking is not just a convenience but a necessity for anyone looking to stay ahead in managing their finances effectively," said Richard Lewis, Chief Operating Officer, CIBA. "We are pleased that the ACH participant banks have come together to offer this extension of service hours, to enable clients to transact digitally later in the day, improving the client experience and encouraging digital payment adoption.”

The public is encouraged to take advantage of digital banking services provided by retail banks in the Cayman Islands, such as mobile apps and online banking portals. These services offer a wide range of benefits, including:

·         Convenience: Experience the freedom of managing finances from anywhere, at any time, without the need for in-person visits to the bank.

·         Real-time Account Monitoring: Stay informed and proactive in managing money with tools for tracking transactions, monitoring spending patterns, and receiving customised alerts.

·         Cashless Transactions: Enjoy the safety and convenience of cashless transactions, reducing the risks associated with carrying cash and frequent ATM visits.

·         Elimination of Cheque Fraud: Avoid delays and risks associated with traditional cheques through instant transactions, enhanced security measures, and environmental sustainability.

·         Efficiency for Small Businesses: Streamline operations with digital banking solutions, including payroll management, expense tracking, and income monitoring.

By embracing digital banking, individuals and businesses not only enhance their financial well-being but also contribute to a more secure and sustainable future.

Participating banks include Butterfield Bank (Cayman) Ltd, Cayman National Bank Ltd, CIBC Caribbean, PROVEN Bank, RBC Royal Bank (Cayman) Limited, and Scotiabank & Trust (Cayman) Ltd.

For more information about the benefits of digital banking, visit www.cibankers.org.