KINGSTON, Jamaica — CIBC Caribbean said it will stop issuing and processing cheques and bank drafts denominated in British pounds from March 31, as electronic payments become more widely used and its correspondent banking partner withdraws the service.

The bank said clients holding GBP cheques or bank drafts should present them at a branch for encashment or deposit before the deadline to ensure they are processed.

Deepa Boucaud, executive director of personal and business banking, said electronic payments had become the global standard for “security, speed and reliability” and that the change would align the bank with international best practices.

CIBC Caribbean said customers can continue to send and receive British pound funds through wire transfers using its online banking platform and mobile application, which it said offer enhanced security, tracking and faster settlement compared with paper-based instruments.

The bank added that branch staff would provide assistance to seniors and other clients who require help completing wire transfers as an alternative to drafts.

CIBC Caribbean operates in 10 Caribbean countries with about 2,700 employees across 41 branches and offices, and reported assets of US$13 billion and market capitalisation of US$1.7 billion.