Electronic Funds Transfer Will Launch in Montserrat Soon
Clients of commercial banks in Montserrat will soon have access to the Eastern Caribbean Currency Union Electronic Funds Transfer (EFT) system.
This means that persons here will be able to send and receive money, in Eastern Caribbean dollars, same day between commercial banks in the ECCU.
The EFT, which offers a more secure, faster and more efficient method of transferring funds, will be launched in Montserrat in June.
The pilot project began in Antigua and St. Kitts on May 22.
Deputy Governor, Trevor Brathwaite says other ECCU countries such as Montserrat will follow by the middle of 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.