CIBC Caribbean has introduced its Mastercard prepaid card, a secure digital disbursement solution, to the market as part of its digital transformation journey, with the primary objective of accelerating the cessation of cheques.

“This innovative offering is reflective of the bank’s commitment to delivering convenient, easy and secure digital banking solutions, while fostering financial inclusion. And with the prepaid card, our clients will also benefit from a card that is equipped with contactless payment capability and the chip and pin feature to provide stronger security, better fraud protection and worldwide acceptance,” said Jennifer Fuller, CIBC Caribbeaan director of enterprise payments, cards and merchant services.

Fuller added: “Our technological advancement in payments means our clients, cardholders and merchants can make and receive payments in a safe, secure, and simple manner placing power and convenience in their hands.”

The prepaid card currently serves as the disbursement channel powering the bank’s digital disbursement solution developed for governments, corporate and business banking clients who frequently disburse benefits via cheques.

“These entities can self-serve using our online banking portal to request, load and reload funds, and facilitate the seamless processing of disbursements, social benefits, payroll and other payments.

Beneficiary cardholders do not need to open an account to access the prepaid card and can use it to pay for goods and services, shop online, locally or internationally or in person at a point-of-sale machine, and to withdraw funds from ABMs.