Offshore news !
|Vanuatu To Join The World’s Optical Fibre Internet Backbone|
As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatu’s first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.
Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatu’s competitive position as an e-business hub.
The IT revolution exploded in the 80’s and is now expanding at a rate not far behind the Big Bang velocity of the beginnings of the Universe.
Well.......that’s what it feels like to ‘wiser’ folks like you and me.
Having said that, the technological benefits of this revolution has trickled down to the world of banking to provide bank customers the ease of access, tracking and management of their finances.
Do you require details of recent transactions? No need to stand in line at the bank for this anymore. Just log into your internet bank and check online from the ease of your home/office. Do you want to check account balances and transaction history for all your accounts? Transfer funds to your other linked accounts? Make international payments and transfers? Gone over your credit account limit? All the answers are just a few clicks away. Just log in and manage all your accounts online. You can also send messages to your banker’s online support team.
Internet Banking not only helps you to keep track of your finances but also saves fees and unnecessary penalties just because the postman was late in delivery the statements. You will also do your bit to “Save the Forest” by cutting down on the use of paper etc.
As they say “Green is the Word”.
Of the 4 major banks in Vanuatu, so far only 3 offers this service.
Westpac Bank Corporation.
Westpac offers internet banking facilities to personal, local and international/offshore companies. It has limited interbank transfers and offers payment in different currencies. You can transfer funds between our company’s different accounts denominated in different currencies. You can make international transfers to your suppliers/creditors/ in Thai Baht, Norwegian Kroner, Pakistani Rupees etc. All foreign currency exchange will be done on your behalf by the bank when the funds are sent.
You can also link all your personal and company accounts under one internet banking platform and manage them all from one interface.
ANZ Bank (Vanuatu) Limited.
ANZ Bank offers their internet banking facilities only to personal and local companies’ accounts.
Their facilities have limited transfer facilities, mainly between accounts of the same currency. You can only pay suppliers/creditors locally based and only in the same currency. They have to be registered on your templates first. No interbank transfers are possible at this stage, however rumours have it that their internet banking software is being upgraded. Watch this space.
BRED (Vanuatu) Limited.
BRED Online is our internet banking system that offers you a fast, easy and convenient way to do your personal or business banking.
Their facilities allow you to do all the normal banking as detailed above. You can transfer funds between accounts, to accounts held with other local and international banks etc.
National Bank of Vanuatu.
The National Bank of Vanuatu do not have internet banking yet. Being a fairly new bank, this aspect of banking is currently at the planning stage. NBV has more branches in Vanuatu than all the other foreign owned banks and is represented in all the islands of Vanuatu where there is a sizable population. Internet banking will require a lot of logistical planning to ensure a successful launch.