Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Payments Modernisation and Financial Inclusion

Effective 10 October 2024, credit unions became eligible to apply for Eastern Caribbean Automated Clearing House (ECACH) membership, affording these institutions the capability to connect and settle directly on the ECACH.

through the design and execution of a Payments Supply Side survey. This survey consolidated six separate surveys into a single streamlined instrument, reducing complexity and increasing efficiency. Development of a Retail Bond Market As part of the development of the Regional Government Securities Market, the Bank commenced work on the development of a retail bondmarket during the financial year. The Regional Debt Coordinating Committee (RDCC) and the Monetary Council approved the development of a retail bond market to encourage greater participation by retail investors and to engender a culture of investment in the ECCU. A main feature of the retail market would be a reduction in the minimum investment amount from EC$5,000 to EC$500. Wholesale Financial Market Infrastructures and Interbank Markets Discussions on the development of an Instant Payment System (IPS) continued over the period 27 and 28 October 2024, where internal and external stakeholders participated in a virtual

workshop. The High-Level Business Requirements for the IPS and the Real-Time Gross Settlement System and Eastern Caribbean Automated Clearing House Assessment reviews were finalised following the workshop. The draft Blueprint for the Implementation of an IPS was submitted to the ECCB for consideration and its finalisation will conclude the consultancy. Opening Access to the Eastern Caribbean Automated Clearing House (ECACH) Effective 10 October 2024, credit unions became eligible to apply for ECACH membership, affording these institutions the capability to connect and settle directly on the ECACH. Two applications from credit unions for ECACH membership are with the Bank for consideration. The on boarding of the Eastern Caribbean Central Securities Depository and the Saint Vincent Co Operative Bank Limited to the ECACH is in progress. The ECACH, established in 2011, is an automated clearing house network between qualifying financial institutions operating in the ECCB member countries.

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