The Eastern Caribbean Central Bank Publishes the New Payment System and Services Bill on its Website
The Eastern Caribbean Central Bank (ECCB) has published the Payment System and Services Bill on its official website (www.eccb-centralbank.org), marking a significant milestone in the modernisation of the regulatory framework governing payment systems and services within the Eastern Caribbean Currency Union (ECCU).
The Payment System and Services Bill is designed to establish a robust legal framework for the oversight, regulation and licensing of payment service providers. It aims to enhance the safety, efficiency and resilience of the ECCU's payment ecosystem while promoting financial stability and consumer protection.
Key provisions of the Bill include:
- Licensing and Regulation – Establishing clear requirements for payment service providers to ensure compliance with financial and security standards;
- Consumer Protection – Enhancing transparency in fees, terms, and conditions while safeguarding consumer rights;
- Oversight and Enforcement – Strengthening the ECCB’s role in supervising payment systems and ensuring adherence to anti-money laundering and cybersecurity measures; and
- Financial Inclusion and Innovation – Facilitating the adoption of new payment technologies while ensuring a secure and interoperable financial landscape.
The Bill was submitted to ECCU member governments for passage
The full document is now available on the ECCB website at - https://www.eccb-centralbank.org/payment-system-and-services-bill
