Eastern Caribbean Automated Clearing House makes strides toward modernised payment system
The vision of the Eastern Caribbean Automated Clearing House (ECACH) is to connect the world through easy, secure and affordable payment solutions.
Speaking on this week’s episode of ECCB Connects, Philomena Lee, General Manager of the ECACH, emphasises that the Clearing House operates in real time and provides a convenient and secure way to transfer funds. Payment requests from sending financial institutions are processed immediately by the receiving financial institutions via the Electronic Funds Transfer system. Customers can initiate these transactions using their cell phone or computer. She notes, however, the importance of customers providing detailed and correct information to prevent delays in processing.
With regard to the clearing of cheques, Lee explains that cheques are now digitised and the images are transmitted electronically, reducing paper usage. In terms of efficiency, the clearing of cheques and transmission of funds take place at regular intervals.
View the full discussion below.
