Add St. Lucia News Online on Whatsapp +1758 712 6700; get major headlines and source us with news tips, photos, and videos

ECCB and commercial banks announce launch of Electronic Funds Transfer


 Share This On:

(PRESS RELEASE VIA SNO) – Clients of commercial banks in the countries of the Eastern Caribbean Currency Union (ECCU) will soon be able to send and receive money, in Eastern Caribbean dollars, same day between commercial banks in the ECCU.

The ECCU Electronic Funds Transfer (EFT) system, which offers a more secure, faster and more efficient method of transferring funds, is expected to be available to customers by June.

Globally, many countries have already moved or are moving towards electronic funds transfer. The implementation of the EFT therefore seeks to ensure that the ECCU keeps pace with global trends and international standards. It also forms part of the overall thrust of financial institutions to enhance the services offered to their customers and is another step towards fulfillment of the ECCB’s objective of creation of a single financial space.

The Eastern Caribbean Automated Clearing House (ECACH), which was launched in September 2014, through a partnership between the ECCB and ECCU commercial banks, is responsible for the electronic clearing and settlement of cheques and will be responsible for the launch and management of the Electronic Funds Transfer system.

This article was posted in its entirety as received by This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of, its sponsors or advertisers.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.