ECCB Deadlines for Payment Settlement

ECCB’s regular business days are 8:00 a.m. to 4:00 p.m. Monday to Friday, inclusive. The deadline for the receipt of payment instructions are critical in ensuring that settlement is received on the desired value date.

The deadline schedules for transaction denominated in various currencies are provided for the commercial banks (Table 1) and ECCU governments (Table 2).

Table I: ECCB Cut-off Times for Payment Instructions for Commercial Banks

 Currency

 If V = T

If V = T + 1

 If V = T + 2

 XCD - Transfers1

 1:30 p.m.

 3:00 p.m.

 3:00 p.m.

 XCD - Book Transfers2

 3:00 p.m.

 3:00 p.m.

 3:00 p.m.

 Regional Currencies3 - BBD, BZD, GYD, JMD, TTD

 9:00 a.m.

 2:00 p.m.

 3:00 p.m.

 USD and CAD

 2:00 p.m.

 3:00 p.m.

 3:00 p.m.

 GBP

 ------

 2:00 p.m.

 3:00 p.m.

1ECCB is required to effect instructions for payments to a customer’s account at another bank.

2ECCB is not required to send payment instructions – accounts at ECCB are debited and credited

3The same day value is subject to the Regional Central Bank and therefore it is best to avoid requests for same day value

 

 Table 2: ECCB Cut-off Times for Payment Instructions for Participating Governments

 Currency

 If V = T

If V = T + 1

 If V = T + 2

 XCD - Transfers1

 1:30 p.m.

 3:00 p.m.

 3:00 p.m.

 XCD - Book Transfers2

 3:00 p.m.

 3:00 p.m.

 3:00 p.m.

 Regional Currencies3 - BBD, BZD, GYD, JMD, TTD

 9:00 a.m.

 2:00 p.m.

 3:00 p.m.

 USD and CAD

 2:00 p.m.

 3:00 p.m.

 3:00 p.m.

 GBP

 ------

 2:00 p.m.

 3:00 p.m.

Euro; CHF; SEK

 ------

11:00 a.m.

3:00 p.m.

KWD4

 ------

11:00 a.m.

3:00 p.m.

1ECCB is required to effect instructions for payments to a customer’s account at another bank.

2ECCB is not required to send payment instructions – accounts at ECCB are debited and credited

3The same day value is subject to the Regional Central Bank and therefore it is best to avoid requests for same day value

4Note that Fridays are non-business days in Kuwait

 

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