CIBC Caribbean has officially declared it will terminate all issuance and processing services for British Pound Sterling (GBP) cheques and bank drafts effective March 31, 2026. This strategic move comes in response to the bank’s correspondent banking partner withdrawing support for GBP paper instruments, aligning with the accelerating global transition toward electronic payment solutions.
Deepa Boucaud, Executive Director of Personal and Business Banking at CIBC Caribbean, emphasized that this modernization initiative reflects the institution’s commitment to international banking best practices. “Electronic payment systems provide superior security measures, accelerated processing speeds, and enhanced reliability compared to traditional paper-based methods,” Boucaud stated.
The bank is actively encouraging customers to utilize its Online Banking platform and mobile application for GBP wire transfers, highlighting advantages including real-time transaction tracking, strengthened security protocols, and immediate settlement capabilities. Clients currently holding GBP cheques or drafts are advised to present these instruments at any branch location for encashment or deposit before the 2026 deadline.
Recognizing that certain customer demographics may require additional support, CIBC Caribbean has committed to providing personalized assistance to senior clients and others who might face challenges adapting to digital transfer systems. The bank reaffirmed its dedication to client support throughout this technological transition, noting that expanded digital banking services represent the future of international financial operations.