ECCB AND ECCU COMMERCIAL BANKS LAUNCH ELECTRONIC FUNDS TRANSFER (EFT)
Written by Philomena Lee, on June 8, 2018
THE EASTERN CARIBBEAN AUTOMATED CLEARING HOUSE SERVICES INCORPORATED (ECACHSI)
Clients of commercial banks in Anguilla, the Commonwealth of Dominica, Grenada, Montserrat, Saint Lucia and St. Vincent and the Grenadines are now able to send and receive funds same day, in Eastern Caribbean dollars between commercial banks operating in the countries of the Eastern Caribbean Currency Union (ECCU).
This service is being made possible through the Electronic Funds Transfer (EFT), which became effective in Anguilla, Dominica, Grenada, Montserrat, Saint Lucia and St. Vincent and the Grenadines on 11 June and in Antigua and Barbuda and St Kitts and Nevis on 22 May. The EFT provides access to innovative, faster, cost-effective and secure payment solution to transfer funds from one bank to another. Customers of commercial banks operating in the ECCU are now able to send and receive funds in Eastern Caribbean Dollars, between all the banks.
The ECACH, which was launched in September 2014, through a partnership between the ECCB and ECCU commercial banks, is responsible for the electronic clearing and settlement of cheques and is responsible for the launch and management of the Electronic Funds Transfer system.