post:
ECACH
Welcome to ECACH EFT: The Easier Way to Make & Receive Payments!
Overview
The Eastern Caribbean Central Bank (ECCB) jointly with the commercial banks within the Eastern Caribbean Currency Union (ECCU) established the Eastern Caribbean Automated Clearing House (ECACH). The objective was to transform traditional paper based payment systems into an electronic payment system, in two phases. Phase 1 dealt with cheque imaging and was launched in March 2015.
Phase 2 is the Electronic Funds Transfer (EFT) – a secure and private electronic payment system, which allows for the transfer of funds between all commercial banks in the participating territories. Good news for businesses!
What is included?
Electronic Payments include single and multiple deposits such as Salaries, Supplier Payments, Dividend Payments, Pension Payments, Insurance Settlements and Cash Management. Debit authorizations including utility payments and insurance payments. Loan and credit payments are not accepted at this time.
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 CSV format with additional information as follows:
| Required Information | Additional Information Required (New) |
|---|---|
|
Employee Name Employee Account Number Amount |
Employee Account Type (DDA/SAV) Bank Routing/Transit Number Reference # Effective Date |
| Previously Accepted Format(s): | New Format: |
|
Excel Spreadsheet Printed Employee Listing |
CSV format |
| Previous Requirements: | New Requirements: |
|
Lead time: minumum 2 business days Effective date: Optional File submission: FTP/email/cheque with listing Process typs: Manual Enrollment: Automatic with no documents |
Lead time: minimum 1 business day Effective date: Mandatory File submission: Browser only Process type: Electronic Enrollment: Required with documents |
What is the enrollment process?
Online Banking
