The Tribune

An electronic payment provider has teamed up with Colina Insurance's parent company to give Bahamian consumers the ability to make cashless transactions.

Island Pay's partnership with the AF Holdings Group of Companies will introduce a convenient, efficient digital solution that enables consumers to make electronic payments between themselves and Bahamas-based businesses.

Frank Svatousek, Island Pay's president, said: "Taking full advantage of the ease of doing business that electronic transactions provide, Island Pay's platform gives its clients convenient payment and money transfer options in a secure digital environment.

"The web-based and smartphone app interface, available for iOS and Android, offer clients full control of payments through a secure token that adheres to the highest standards of security, control and utility for its users. Additionally, our services are secured by a rigorous a KYC (Know Your Customer) registration engine that verifies the user's identity and address to safeguard their transactions."

Steve Haughey, Colina Holdings Bahamas' chief operating officer, added: "All of our companies will be able to utilise this tool to better serve our clients by adding cashless transactions to our service offering.

"Through the web and mobile applications, our clients will be able to make payments, withdraw from their policy loans (where applicable), receive dividends and initiate person-to-person money transfers along with a wide range of other services."