By GINNAH MINI
THE Department of Justice and Attorney General (DJAG) has launched its Electronic Funds Transfer (EFT) payment system today, aimed at strengthening efficiency, timeliness, transparency, and accountability of its payment process.
The EFT onboarding marked an important milestone for the department, as the government transitions from cheque-based payments to Electronic Funds Transfer payment system.
Speaking at the launching at WNB Haus, DJAG’s Deputy Secretary, Corporate Affairs & General Administration, Michelle Taumpson acknowledged that EFT will reduce the risk associated with cheque presentation, handling and collection, while minimizing payment process delays.
Ms. Taumpson noted that banks usually take more than two weeks to process cheques and payments but this payment system will reduce that to a day.
“It (EFT) will provide improved audit trails and transaction records,” Ms. Taumpson said.
“It will reduce administrative and operational costs associated with cheque payments and it will enhance transparency and accountability.”
Ms. Taumpson added that it’s a new system that DJAG has welcomed onboard while acknowledging the fact that the system will strengthen financial controls over public finance.
The Deputy Secretary also noted that EFT Payment System will support DJAG’s compliance and governance financial management reforms.
Deputy Secretary (operations) for Department of Finance, Stephen Nukuitu, said that the EFT system will create a transparent and accountable system, as well as lowering the cost of conducting business-especially in printing of cheques.
Mr. Nukuitu said that the reason Department of Finance took the EFT platform was because of the National Payments Council direction to change from the way departments do business-from cheque to electronic processes.