The Eastern Caribbean Automated Clearing House Services Inc (ECACHSI) marked a milestone as it held its inaugural Annual General Meeting (AGM) at the Sir Cecil Jacobs Auditorium, ECCB Headquarters, St Kitts and Nevis on 11 November.
The ECACHSI was established in December 2011 as a limited liability corporation jointly owned by the commercial banks operating in the ECCU and the Eastern Caribbean Central Bank. The corporation is managed by a seven-member board, with Donald Thompson, Chief Executive Officer (Acting), St Kitts-Nevis-Anguilla National Bank as Chairman and Dave Ramsumair, Country Manager, Bank of Nova Scotia, St Kitts and Nevis as Deputy Chairman.
The main objective of the ECACHSI, which is managed by Philomena Lee, is to assume responsibility for the management of the Eastern Caribbean Automated Clearing House (ECACH).
In presenting the ECACHSI’s Annual Report at the AGM, the Chairman said, “Based on the current economic environment and trend towards reduction in the use of cash, the Board considers the ECACHSI as a facilitator and provider of continued evolution of additional payment products.”
In March 2015, the first phase of the ECACH which involved the implementation of the automated cheques imaging was completed in all eight territories of the ECCU. The second phase of the project, which is the implementation of the Electronic Funds Transfer (EFT) system, began in March 2016 and is expected to be completed in June 2017.
At the inaugural meeting of the ECACHSI, the auditors Grant Thornton presented audited financial statements for 2012, 2013 and 2014 for approval. The Auditors and Directors for the 2017 financial year were also appointed as follows:
- Grant Thornton – Auditors;
- Donald Thompson, representative of the Leeward Islands Indigenous Banks – Chairman;
- Dave Ramsumair, Bank of Nova Scotia - Deputy Chairman;
- Trevor Brathwaite, Deputy Governor, ECCB - Director;
- Frances-Anne Satney, Royal Bank of Canada - Director;
- Ladesa James-Williams, First Caribbean International Bank Limited - Director;
- Andre Corbie, RBTT Bank Limited - Director;
- Richard Medford, representative of the Windward Islands Indigenous Banks - Director; and
- Mr Gordon Julien, Corporate Secretary.