Finance urges firms to give proper banking details |31 August 2011

This was said yesterday by Damien Thesée, director budget management in the Ministry of Finance and Trade during a press conference at the Central Bank of Seychelles (CBS).

Also present were Christophe Edmond, the head of banking services division and Mike Tirant, director banking, currency and payment system services in the CBS.

Mr Thesée said the Finance Department and the CBS introduced a system whereby payments to these clients can be made directly into their accounts rather than through issuing of cheques.

“Government agencies submit their requests to the treasury and we process and make payments to the businesses’ commercial banks accounts.”

This system, which has been put in place for a while now, gives these customers a faster and more efficient service.

He said it has also significantly reduced the number of customers who have to queue up in the CBS banking area. It has eliminated the system whereby payments were made only on week days and whereby cheques had to be cleared in banks in three days.

“But it is important for customers to understand that this system will only work if they provide correct banking details which include their account number and name.”

He added that the commercial banks also have to take their responsibilities. They have to inform their clients on any changes that can affect their banking details for example if they have increased the digits of account numbers.

And firms as well as individuals doing transactions with the government agencies are also being encouraged to provide their business email address so that they can get remittance as and when payment is made through their accounts.

“Those who do not have emails can still come to the CBS banking hall to seek such information,” Mr Thesée said.
Mr Edmond said the CBS has put the mechanism in place to ease such transfer.

“We have seen a remarkable decrease in cheques issued by treasury as more transfer is being done electronically by the CBS through the commercial banks.”

”As soon as treasury transfers an instruction we process it immediately and send to commercial bank which credits customers,” he said.

Mr Edmond added that they are working with commercial banks to ensure they improve and modernise their payment system as electronic transfer is less risky.