The Eastern Caribbean Central Bank (ECCB) recognises that a safe, reliable and efficient payment system is central to the stability of the financial system. Therefore, the ECCB seeks to provide payment system oversight and regulations in order to develop effective, efficient, reliable, accessible and secure payment systems that serve the needs of the Eastern Caribbean Currency Union (ECCU) and support a competitive private sector environment.
The ECCB jointly with the licenced commercial banks in the ECCU established the Eastern Caribbean Automated Clearing House (ECACH). In order to transform the traditional paper based payment system into an electronic payment system based on international standards, the ECCB initiated the ECACH Project, which was divided into two phases. Phase one, the implementation of Cheque Imaging, was completed in March 2015 across eight territories. The objective of phase two is to implement the use of Electronic Funds Transfer (EFT) in XCD throughout the participating banks of the ECCU based on the NACHA standard by, 2017.