08.31.11

Firms urged to give proper banking details

Posted in Seychelles banking at 3:35 pm by Robert Klien

With a view to ease electronic payment, firms having transactions with government-budgeted agencies are being urged to provide proper banking details.

This was said on August 30 by director budget management in the Ministry of Finance and Trade, Damien Thesée, at a press conference. The event took place at the Central Bank of Seychelles (CBS).

Christophe Edmond, the head of banking services division and Mike Tirant, director banking, currency and payment system services in the CBS, was also present at the press conference.

According to Mr Thesée, the Finance Department and the CBS introduced a system whereby payments to these clients can be made directly into their accounts as opposed to issuing of cheques. He said: “Government agencies submit their requests to the treasury and we process and make payments to the businesses’ commercial banks accounts.” This system gives provides the customers with a faster and more efficient service.

He said that the new system has also significantly reduced the number of customers who have to queue up in the CBS banking area. The system whereby payments were made only on week days and whereby cheques had to be cleared in banks in 3 days has been eliminated. However, it is important that customers understand this system will only work if they provide correct banking details (account number and name).

Mr Edmond noted that they are working with commercial banks in order to ensure improving and modernising their payment system as electronic transfer is less risky.

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