CIBC CARIBBEAN and Mastercard launch Prepaid Card and Digital Disbursement Solution

CIBC Caribbean the leading financial institution in the Caribbean, has introduced the Mastercard Prepaid Card – a secure digital disbursement solution.

The launch of the Prepaid Card is a part of the bank’s digital transformation journey with the primary objective of accelerating the cessation of cheques. The Prepaid Card currently serves as the disbursement channel powering the bank’s digital disbursement solution developed for Governments, Corporate and Business Banking clients who frequently disburse benefits via cheques.  

Governments, Corporates or Businesses can self-serve using our Online Banking portal to request, load and reload funds, and facilitate the seamless processing of disbursements, social benefits, payroll and other payments. 

Beneficiary cardholders do not need to open an account to access the Prepaid Card and can use it to pay for goods and services, shop online – locally or internationally – or in person at a Point-of-Sale machine, and to withdraw funds from ABMs.

“This innovative offering is reflective of the bank’s commitment to delivering convenient, easy and secure digital banking solutions, while fostering financial inclusion.  And with the Prepaid Card, our clients will also benefit from a card that is equipped with Contactless Payment capability and the Chip & PIN feature to provide stronger security, better fraud protection and worldwide acceptance.”  said Jennifer Fuller, Director, Enterprise Payments, Cards and Merchant Services. 

Fuller also added “Our technological advancement in payments means our clients, cardholders and merchants can make and receive payments in a safe, secure, and simple manner – placing power and convenience in their hands.”