ProgressSoft, the leading provider of real-time payment solutions, started running live its Electronic Check Clearing (ECC) solution in the Republic of Seychelles on a country-wide scope, covering the Central Bank of Seychelles (CBS) and all banks in the country that embraces 115 islands in the West Indian Ocean.
During a celebration ceremony that took place at the CBS on the day of the live run, H.E. Ms. Caroline Abel, Governor of the Central Bank of Seychelles (CBS) noted that the implementation of ProgressSoft's ECC solution is a key component under the national initiative to modernize and improve the country's National Payment System. "This vital system has been implemented as part of the Truncated Image-Based Automated Clearing House (TIACH) project and involves the full participation of all the Commercial Banks, the Seychelles Credit Union (SCU) and the Central Bank", H.E. Ms. Abel explained.
"Together with the Central Bank of Seychelles, ProgressSoft is launching in the world's most beautiful islands one-of-its-kind real-time country-wide Electronic Check Clearing solution," expressed Mr. Michael Wakileh, CEO, ProgressSoft. "We are determined that this shall be but a first milestone towards a complete real-time payment portfolio which will give the world's most stunning beaches another reason to stand out superbly around the globe", affirmed Mr. Wakileh.
The system will greatly improve the efficiency of the check clearing process in Seychelles, whilst at the same time keeping with international best practices for such clearing and settlement processes, stated H.E. Ms. Abel. With the ECC system up and running, customers will get access to their funds on the same day or the next day and in certain cases within two to three hours after making the check deposits. "This same day clearing and settlement process will enable better fund management and will enhance the reliability and importance of the system as well as increase credibility and trust of using checks as a widely accepted payment instrument", added H.E. Ms. Abel. The expedited availability of funds will also improve customer satisfaction and contribute to reducing the incidences of fraud.
ProgressSoft's ECC Project Manager, Mr. Fawzi Hawila commented by saying, "we managed to carry out a smooth implementation; the project was completed on schedule without any delays in its planned period of 8 months. This was made possible by the diligence and dedication demonstrated by all parties involved in the project, ultimately resulting in actualizing yet another success story to our current record of 6 countrywide deployments of the Electronic Check Clearing Solution".
During Her Excellency's speech in the celebration ceremony, she expressed that the CBS was very pleased with the professionalism and high level of service provided by ProgressSoft and that their ECC system is one of the best systems around. "We would not have been here today without the dedication and hard work of our partners and the Central Bank staff; we would like to extend our gratitude first of all to the ProgressSoft team for the level of professionalism and the speed at which the project has been delivered," H. E. affirmed, "ProgressSoft implementation team along with the staff of the CBS and other check clearing participants had done a great job to achieve a successful implementation".
On his part, Mr. Wakileh concluded by saying, "I would like to thank all who were involved at the Central Bank and the banking body of Seychelles, and I would like to thank all who were involved at ProgressSoft. Without your hard, distinguished and orchestrated work, such a great success can never happen."
About The Central Bank of Seychelles
Since its creation in 1978, the Seychelles Monetary Authority and, as of 1983 its successor the Central Bank of Seychelles (CBS), have undergone various stages of adaptation with the aim of turning it into a modern and efficient institution, equipped to discharge its responsibilities with professionalism and efficiency. The Central Bank of Seychelles Act, 2004 provides for the Bank to operate as an autonomous institution, reinforcing its status as the authority responsible for all monetary issues in the country and caters for the further development of the financial sector within the new economic environment.
Established in 1989, ProgressSoft has been focusing its proficiency in real-time payments and imaging technologies to deliver a set of innovative solutions tailored for the needs of the banking and financial sectors. Serving a diversified client base of 350 banks in 24 countries around the globe, ProgressSoft provides solutions in the fields of Electronic Image-based Check Clearing, Mobile Payment, Automated Clearing House Payment, Intelligent Signature Recognition and Real-time Settlement for Securities Trading.