ECCB Advances Plans for Instant Cross-Border Payments Across Caribbean

The Eastern Caribbean Central Bank’s Monetary Council has received updates on two major payment initiatives designed to make electronic transactions faster and cheaper across the Caribbean, including a system for instant cross-border payments in local currencies.

The Council discussed progress on the CARICOM Payments and Settlement System (CAPSS) Pilot and the Fast Payment System during its 113th meeting in Dominica on Friday, describing both as flagship initiatives under the ECCB’s “Big Push” strategy.

According to the communiqué, the CAPSS pilot will facilitate instant cross-border payments using local currencies, reducing transaction costs and lessening reliance on correspondent banking arrangements.

The Fast Payment System, meanwhile, is expected to enable real-time electronic payments across the Eastern Caribbean Currency Union around the clock, operating 24 hours a day, seven days a week.

The Monetary Council said the initiatives are expected to strengthen regional financial integration, improve payment efficiency and expand financial inclusion across the currency union.

The Council also noted continued progress in expanding access to banking services through the ECCU First Step Savings Account, with at least 17 licensed financial institutions now offering the account to first-time and other eligible customers. It further reaffirmed the importance of retail bond issuances as a means of broadening investment opportunities for citizens and advancing financial inclusion and wealth creation.

This article was originally published by Antigua News Room. Read the original article here: Central Bank Plans for Instant Cross-Border Payments Across Caribbean.