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 #000000369 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