Bank of the Bahamas has unveiled its e-commerce platform as a major part of the institution’s growth strategy to recalibrate its business model to better suit the business environment.

Effectively, the facility will act as a clearing and settlement house for e-commerce transactions; it will be the first in The Bahamas to fully facilitate online payments in Bahamian dollars, allowing merchants to accept all major credit cards on their website and receive prompt payment in the currency. The dual components - prompt settlement and payment in B$ - reportedly have made this the most sought-after business product that Bank of the Bahamas has ever introduced. Managing Director Paul McWeeney notes that they have several hundred merchants clients at the present time and anticipates that all of these will sign up for the programme.

Over the years, Bank of the Bahamas has invested substantially in its electronic banking service offerings and the institution says the costs incurred in launching the e-commerce platform were "already built into the infrastructure", effectively making the service an "add on" to what it currently provides. Mr. McWeeney points out that B$ e-commerce was a natural progression. "This is a project that we began envisioning several years ago, and it has taken a lot of time and investment," he said. The ultimate goal, he said, has been to make it easier for business to do business in The Bahamas. "BOB's launch of e-commerce with next day settlement of online credit card payment for goods and services in B$ is almost as dramatic a paradigm shift in how business is done as the introduction of the credit card itself," added Mr McWeeney. "We are very proud to be in the position to assist business in this way."