Bureau of Standards partners with TTIFC
Written by Newsday on October 8, 2024
THE TT International Financial Centre (TTIFC) has formalised a strategic partnership with the TT Bureau of Standards (TTBS) through the signing of a memorandum of understanding (MoU) aimed at enhancing the acceptance and receipt of payments for government services.
This initiative – a TTBS press release said on October 7– signals the next wave of convenience for government transactions, beginning with payments collected under TTBS’ Implementation Division. It is designed to offer customers additional accessible and convenient payment options.
The TTBS operates under the Ministry of Trade and Industry and is tasked with the statutory responsibility of regulating the quality of goods and services traded within the country, with the exception of food, drugs, and cosmetics.
As the largest revenue collector within the Ministry, TTBS plays a critical role in maintaining national standards while ensuring efficient service delivery.
With a strong focus on enhancing its payment systems, TTBS is committed to improving both operational efficiency and customer convenience. By streamlining payment processes, TTBS aims to provide faster, more accessible services to its clients.
The signing of this MoU also marks the first phase in the roll-out of the TTIFC kiosk network programme, a key initiative aimed at further simplifying government payment processes for the public.
Through this partnership, TTIFC will play a crucial role by offering TTBS technical advisory services and guidance in adopting additional Electronic Funds Transfer (EFT) modalities, including online payments. The TTIFC will assist TTBS in navigating its strategic goals within the evolving EFT payment industry, ensuring that TTBS is well positioned to implement modern, secure, and efficient payment solutions.
“We are pleased to be partnering with TTBS on this important initiative,” said John Outridge, CEO of the TTIFC.
“This pilot program will be geared towards getting the public familiar and comfortable with a payment medium that they can interact with at a physical level. Self-service kiosks are important because they enhance customer experience, reduce labour costs, increase revenue collection modalities, and provide valuable data for personalisation and optimisation of the services to then be translated into an online experience.”
TTBS executive director Josè E. Trejo,TTBS, “An important component of our strategic plan for the next five years is to innovate, and I think that this puts us on the right path… We’re proud to take this initiative and to lead the way in terms of making life easier for our stakeholders and clients.”
The enhanced payment system will allow TTBS to enhance internal processes, increase operational efficiencies, and offer an enhanced customer experience through easier and faster payment methods.
The TTIFC is a state agency charged with financial sector transformation in pursuit of TT becoming a cashless society. It aspires to drive digital financial services adoption across all sectors leading TT to become the premier regional location for FinTech-enabled Services Hub.
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