In 2014, the commercial banks within the Eastern Caribbean Currency Union (ECCU) collaborated with the East Caribbean Central Bank (ECCB) to establish the Eastern Caribbean Automated Clearing House (ECACH) Network. ECACH allows for a more secure, faster and more efficient payment transfer system between financial institutions. Up until now, banks were only able to exchange cheques electronically.
As of May 22nd, 2018, ECACH Phase II was implemented. This phase involves Electronic Funds Transfer (EFT), which is a payment method that replaces paper cheques between banks, in a more efficient and secure way. EFT will also allow transactions to occur within the ECCU region. Transactions previously done via use of cash/in-person payment can be performed via direct payment which leads to reduction in cash-based transactions, in alignment with ECCB objectives.
EFT will therefore improve the efficiency of your payroll processes as there will be less manual check preparations which will lead to increased employee satisfaction, as payments will be made same day. This will, however, involve some slight adjustments to your operations.
The following information is needed to start the process:
- The name(s) of the person(s) in your company who will be using the new system to process payroll. (the system needs one person to verify the payroll and another to authorize it, however if desired, one person can perform both functions)
- The email addresses of the said individuals in order for their private credentials to be communicated to them.
- Your account number from which the payroll should be debited.
These instructions should be duly signed by the signatories of the billing account.
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