Commercial Banks In OECS Can Accommodate Same Day Transfer Of Funds

BASSETERRE, St. Kitts-Nevis, Jun 11, 2018 (CMC) – The Eastern Caribbean Automated Clearing House Services Incorporated (ECACHSI) said, in a statement, today, it has launched a program, which allows several countries within the sub-regional organisation of Eastern Caribbean States (OECS) to send and receive funds, the same day.

The ECACHSI, which was launched in September 2014, through a partnership between the Eastern Caribbean Central bank (ECCB) and the Eastern Caribbean Currency Union (ECCU), is responsible for the electronic clearing and settlement of cheques.

It said that the new initiative will allow for commercial banks in Anguilla, Dominica, Grenada, Montserrat, St. Lucia and St. Vincent and the Grenadines to begin sending and receiving funds, immediately, while Antigua and Barbuda and St Kitts-Nevis will becoming operation on May 22.

The ECACHSI gave no reasons for the delay, but said that the Electronic Funds Transfer (EFT) “provides access to innovative, faster, cost-effective and secure payment solutions 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 statement said.