(CNS Business): As government inches its ways towards providing more online or e-services, the Cayman Islands Monetary Authority (CIMA) has announced the launch of what will, in a few months, be a fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for authorised financial services industry users. Officials said the payment section is being rolled out in two phases. Phase 1, now underway, allows authorised users to view all applicable due and overdue fees and historical payments.
Users can also track relevant fees and sort by groups, such as fee category, due date and covered entity.
Phase 2, which is expected to take place during the third quarter of 2017, will allow all authorised users to make online payments. To guarantee a smooth transition, CIMA said it will ensure that users are provided with the necessary training and guidance on the new fee payment module. This will include instructions on assigning fee payment roles and work flows.
CIMA Managing Director Cindy Scotland said that as the payment system unfolds, it will increase the regulator’s efficiency and provide licensees and stakeholders with convenience.
“Although there is still work to be done before its final stages, I trust that this new service will allow the Cayman Islands to maintain its position as a leading jurisdiction within the global financial services industry,” she said.
The regulator said it was constantly seeking ways to facilitate the process of conducting business, and REEFS is one of its latest enhancements. Initially launched in January 2015, REEFS is an online portal for electronic submissions of required information to CIMA which aims to enhance Cayman’s reputation as an efficient and attractive jurisdiction.