By NEIL HARTNELL Tribune Business Editor THE COMMERCIAL banking industry will "likely make some decisions" by end-April 2012 on the establishment of a local SWITCH network, something that will allow Bahamians debit card access to funds in their chequing and savings accounts wherever they are in the world. Kevin Teslyk, Scotiabank (Bahamas) managing director, told Tribune Business that the Clearing Banks Association (CBA) was talking to both Bahamas-based and international providers "capable of providing" SWITCH technology, as the industry moved to leverage the existing Automated Clearing House (ACH) and take e-banking/e-commerce to the next level. Pledging that such a facility would boost consumer efficiency and commerce in the Bahamas, and take the nation "mainstream" by placing it on the same level as many developed countries, Mr Teslyk said the SWITCH would enable clients to access their funds at any Automatic Teller Machine (ATM) through linking all financial institutions together. "As part of continuing to support the growth and development of e-commerce in the Bahamas, and increase the movement away from cheque and cash sources to the benefit and cost savings of consumers, we're working with the CBA and Central Bank," the Scotiabank (Bahamas) chief told Tribune Business. "The conversations continue to be ongoing with local providers interested in providing a local SWITCH, an e-commerce component, effectively linking all the banking institutions - international and local - together such that consumers will have access to any funds at any ATM." When implemented, Mr Teslyk said a SWITCH would enable Bahamians and residents to use their debit cards to withdraw funds from their savings/chequing accounts overseas. It would also enable deposits to be made at any bank ATM in the Bahamas, regardless of whether it was the one where the account was located. Mr Teslyk said the proposed SWITCH system would "roll out with and further build" on the ACH system that currently processes and clears cheques drawn on all Bahamas-based commercial banks. "We're still having discussions with local providers that have the capability to provide that function, and a couple of international companies, Visa and MasterCard," the Scotiabank (Bahamas) head said. He did not identify the Bahamas-based technology providers involved. "There will be further meetings this month, and likely in March or April we will be in position as an industry to make some decisions and bring this out to the marketplace," Mr Teslyk told Tribune Business. "It does a couple of things. It improves efficiency for customers, reduces the risk as customers do not have to walk around with cash, and helps business customers - small businesses and commercial enterprises - as they do not have to hold large amounts of cash in hand, since it is all done electronically. It saves all the paperwork used to preserve cheques, and created very fast, real-time transactions." The ACH, Mr Teslyk said, had brought cheque clearance down to a two-day cycle from a five-six day cycle. Yet SWITCH would clear on "a real time, live transaction basis, as opposed to an end-of-day basis with the ACH". Asked to summarise the proposed SWITCH benefits, the Scotiabank (Bahamas) head added: "It's facilitating commerce in the country, and reducing risk and improving security. "It will bring the country mainstream. It will signal the start of providing the functionality that exists in North America, Europe and elsewhere. "It all started with the ACH project, and this is the next important step to leverage that technology and ensure the Bahamas has world class financial services, while customers have continued access and choice." Mr Teslyk's comments close behind Bank of the Bahamas International's unveiling of plans to launch its own e-commerce platform in six months' time, providing online merchant accounts for Bahamian businesses. This, together with plans for the addition of direct debit and credit functions to the ACH, and the proposed SWITCH network, indicate that the Bahamas and its commercial banking industry are making serious moves towards e-banking, and the added convenience and flexibility this will offer consumers.