Same day electronic money transfer coming for commercial bank customers

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Clients of commercial banks in the countries of the Eastern Caribbean Currency Union (ECCU) will soon be able to send and receive money, in Eastern Caribbean dollars, same day between commercial banks in the ECCU.

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.

Globally, many countries have already moved or are moving towards electronic funds transfer. 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 Eastern Caribbean Automated Clearing House (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 will be responsible for the launch and management of the Electronic Funds Transfer system.

 

 

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1 COMMENT

  1. Gosj man we live in the 21st century. In the information age. And these people keeping us in the nineteenth century. Sad that we have to rely on these people to do things for us. We have been talking about these things now since 1999. Almost twenty years later and I still cannot transfer monies from bank to bank. Or when I deposit a check into my account it still takes three business days to clear. However when I issue a check I see the debit going from my account the next day. So tell me why is it that the person I paid the check to has to wait two more day before they get credited. I paid a contractor the other day a deposit to buy material and when he didn’t buy it the next day I asked him what is the problem. And he told me the bank say he cannot get access to the funds as yet. This needs to looked into. It is a big ripoff by the bank as money staying overnight in their accounts earning overnight interest in their overseas branches and accounts.

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