Bank of The Bahamas is helping to transform how companies and individuals pay for goods and services in the 21st Century. Starting in 2014 the Bank collaborated with the Ministry of Social Services to design a card for 5,000 beneficiaries of its Prepaid Social Services Program and now the Bank has introduced a Restricted Registry Prepaid card, the first of its kind for use at the Registrar General’s Department’s e-portal.

In January 2016 the Registrar General’s Department launched its e-services portal, speeding up the pace of business by making it possible for companies to complete a wide range of corporate transactions online. With the click of a mouse, one has the ease of paying annual company fees, ordering company documents, incorporating a company, and conducting many other services securely online.

While providing greater convenience and ease of doing business, the launch of RGD e-services also means companies have had to consider the best payment options for accessing these services. Most financial services institutions have preferred not to use open balance credit cards online due to the risks of credit exposure; however, there was no existing local prepaid card that provided the flexibility required by these companies.

Recognizing the need for a prepaid card that allowed higher load limits and multiple daily transactions, Bank of The Bahamas collaborated with the Registrar General’s Department to design a card specifically suited for this use. The result is the Restricted Registry Prepaid Card, a card that can only be used to pay for RGD e-services, thus limiting online exposure and preventing unauthorized use for other goods and services.

Vanessa Taylor, Senior Manager Operations, Bank of The Bahamas said “Business owners are navigating a new way of doing business in modern times and progress sometimes creates new needs. With the Restricted Registry Prepaid Card, we have designed a solution that adds another layer of security for companies using the RGD e-portal’s services.”

Deirdre Clarke-Maycock, Registrar General said, “Our portal meets the highest security standards available and we are fully committed to ensuring a safe business environment for our customers. We, therefore, welcome the introduction of BOB’s Restricted Registry Prepaid Card as extra security and as an added convenience for our clients who are excited about the new online initiative which was introduced on January 5, 2016”

The Restricted Registry Prepaid Card is available only at Bank of The Bahamas Limited. Interested persons may contact BOB’s Premier Banking Department for more information.