ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

Payments Modernisation and Financial Inclusion

open access policy to the ECACH. 6. Promoting data collection of payments systems data by launching the Incident Reporting (PS02) in order to better monitor financial market infrastructures Environmental, Social and Corporate Governance The Bank will launch its 2022 – 2026 Strategic Plan which focuses on “Transforming the ECCU through Innovation and Collective Action”. Departments across the Bank will undertake various strategic initiatives which together will facilitate the achievement of the strategic objectives. A monitoring software has been procured and will be implemented to assist with the monitoring of and reporting on the delivery of the Plan. In regard to public education and community ourtreach thrusts, the Bank will apply a grassroots based approach to the Financial Information Month (FIM) Festival initiative and expand the scope of the Children’s Connection Programme in the coming year. Digital Transformation The Bank’s Internal Audit function intends to pursue the development of its data analytics strategy which will broadly provide a roadmap for the full implementation of data analytics across all segments of the audit process. The strategy will examine the systems required, as well as the required competencies for the programme. It is envisaged that with the adoption of the data analytics programme, there will be gains made in efficiencies and effectiveness of the audit function. Work on the modernising of appraisal standards in the ECCU, in conjunction with the Royal Institution of Chartered Surveyors (RICS), will conclude early in Financial Year 2023-2024 and will include the implementation of the recommendations from RICS regarding the existing structure of the valuation/ appraisal industry in the ECCB member countries and its limitations. The final project report is expected to review the existing legal framework that guides

A payments system audit is planned for the 2023-2024 Financial Year. This will evaluate the payment system structure within the ECCU as well as the development and enhancement initiatives being undertaken in that area. The Bank anticipates improvements to the Payment Systems to include: 1. Enhancing oversight of the Payments and Settlement System. In addition to ongoing off site monitoring of FMIs, on-site inspections will be conducted to assess the extent to which the CPSS-IOSCO PFMIs are being observed. The intention is to continuously assess, with a view to strengthening the operations of FMIs in order to mitigate systemic risk. 2. Continuing engagements with ECCU Attorneys General and Parliamentary Counsels on the Payment System and Services Bill and Electronic Retail Payments Regulations, will culminate in an in-person multi-lateral meeting, in the first quarter of 2023, for the finalisation of the draft Payment System and Services Bill and submission to respective Cabinets. The Electronic Retail Payments Regulations will also be finalised and submitted to the ECCB Board and Monetary Council for approval. 3. Finalising the Data Protection and Privacy Policy, which will inform the terms of reference for the consultancy on data protection and privacy legislative drafting for the ECCU. 4. Upgrading of the Payment System Infrastructure. The Bank will focus on the recruitment of a consultant who will evaluate the infrastructure for the RTGS System and the ECACH, and develop a blue print for an instant payment system. 5. Continuing to collaborate with strategic partners (the ECACH and CCCU) to on-board the credit union sector in a safe, efficient and cost effective manner, in furtherance of the Bank’s

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