The Eastern Caribbean Central Bank (ECCB) advises that effective July 15, 2016, cheques that are not compliant with the standards prescribed by the Eastern Caribbean Automated Clearing House (ECACH) will no longer be accepted as negotiable instruments.
The ECACH, which became operational in all eight ECCB member countries, including St. Vincent and the Grenadines, in March 2015, allows for cheque-based payments throughout the Eastern Caribbean Currency Union (ECCU) to be treated as domestic payments.
This, therefore, means that customers can have their cheques settled within the same standard timeframes irrespective of the territory in which they are issued.
The ECACH also offers a more secure and efficient payment transfer system. However, to benefit from these efficiencies, customers are encouraged to contact their commercial banks to ensure that their cheques are compliant with the standards prescribed by the ECACH.
