Commercial banks launch same-day fund transfers
From the Eastern Caribbean Automated Clearing House Services Incorporated
St. Kitts and Nevis – 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 the 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 June 11 and in Antigua and Barbuda and St Kitts and Nevis May 22. 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 EFT system.