“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.
During Her Excellency’s speech during 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.”