Chairman of the Board of the National Bank of the Virgin Islands, Clarence Faulkner admitted that the Bank’s promise to rollout merchant services is delayed but he announced that the institution is purposely foregoing urgency for diligence.
While acknowledging that the Bank has promised its customers merchant services repeatedly, the Chairman explained that the delay is due to necessary checks and balances and he he will not venture to forecast when the product will be satisfactory for launch.
“Am I going to predict that it is going to be tomorrow versus a year from now – no, but I know that the team at the Bank is working tirelessly to be able to launch and they will all tell you that I am probably their harshest critic in terms of why it is not out yet,” he announced at a contract signing in December.
When asked what has caused the lengthy delay the Chairman said: “We’re not going to put out a service that is not tested, tried and proven. I have no problems coming to the public and apologizing saying it is going to be a month late because we still have to ensure that when you either put your card in the machine or swipe it somewhere around the world it must do what we expect it to do.”
“If it means testing it for a month or another three months, I’m sorry but we are going to test it because one of the things I have realized is from a long time ago is that when it comes to persons finances make sure everything is right,” he added.