ECACH EFT

What is ECACH?

An electronic payment network through the Eastern Caribbean Central Bank, which allows the clearing of electronic payments between Financial Institutions. ECACH is an electronic network for clearing and settlement of cheques and other electronic transactions in all commercial banks within the eight territories of the Eastern Caribbean Currency Union (ECCU). EFT is an authorized transmission of funds to and/or from accounts using the Automated Clearing House, which reduces the use of paper cheques with faster bank-to-bank transactions.

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What are the Benefits?

The new system allows for easier management of payments and cashflow, and as a valued corporate customer, you can expect to benefit from:

-Enhanced security, convenience and quicker access to funds

-Improved efficiency and reduced processing time  (elimination of labor-intensive manual processes)

-Reduced risk of loss and theft

-Increased employee satisfaction

What has changed?

Salary and payroll submissions, which were emailed or hand delivered previously, will now be required in a new electronic format with additional information.