Smith said: "We have been testing the system and we have successfully carried out test transactions, including what we call a penny test where were transfer a single cent.

"We may get approval to go live with one client next week, we are very close.

"The banks are ready to go with the system, now we have to check that client's accounts are in order, and that they have the right numbers for their employees. It is quite exciting to see this coming together, it will make a big difference to employees and employers."

The first phase of the new system went live at the end of January, speeding up the check clearing process for banks, with more than four million transactions expected to be handled electronically this year.

The ACH means that banks can now exchange their checks electronically rather than physically having to carry them to the Central Bank's exchange, meaning funds are transferred much quicker.

The ACH is backed by the Bank of The Bahamas Limited, Citibank, N.A., Commonwealth Bank, Fidelity Bank (Bahamas) Ltd., FirstCaribbean International Bank (Bahamas), RBC Royal Bank of Canada and Scotiabank. Regulatory oversight is provided by The Central Bank.

Source: http://www.thenassauguardian.com/bixex/323306712039388.php