Clients of commercial banks in the countries of the Eastern Caribbean Currency Union will soon be able to send and receive money in EC currency, same day between commercial banks in the ECCU.
According to the Eastern Caribbean Central Bank (ECCB), the ECCU Electronic Funds Transfer (EFT) system, which offers a more secure, faster and more efficient method of transferring funds, is expected to be available to customers by June.
The ECCB said that, globally, many countries have already moved or are moving towards electronic funds transfer and the implementation of the EFT, therefore, seeks to ensure that the ECCU keeps pace with global trends and international standards.
“It also forms part of the overall thrust of financial institutions to enhance the services offered to their customers and is another step towards fulfillment of the ECCB’s objective of creation of a single financial space,” the ECCB stated.
The Eastern Caribbean Automated Clearing House (ECACH), a partnership between the ECCB and ECCU commercial banks responsible for the electronic clearing and settlement of cheques will be responsible for the launch and management of the Electronic Funds Transfer system.