WILLEMSTAD - The Fair Trade Authority Curaçao (FTAC) indicated in a recent publication that is has advised against the elimination of the check as a means of payment. This decision made by the Curaçao Bankers Association (CBA) has therefore been withdrawn.
The banks affiliated with the CBA offer various payment methods, including the payment check. In a meeting of November 14, 2017, the banks took the principle decision to collectively eliminate the check and to set up a working group for this purpose. This decision was later laid down in a Memorandum of Understanding. The CBA informed the FTAC on 19 April of this decision.
Following publication of the decision of the CBA, the FTAC initiated an investigation which concluded that the decision of the CBA to collectively withdraw the check from the market is contrary to the competition rules. After a meeting with representatives of the CBA, the decision was subsequently withdrawn.