Bank of St. Vincent and the Grenadines Ltd (BOSVG) is pleased to introduce the Eastern Caribbean Automated Clearing House (ECACH) Electronic Funds Transfer (EFT), which comes into effect on June 11th 2018.
What is ECACH?
An electronic payment network through the Eastern Caribbean Central Bank, which allows the clearing of electronic payments between Financial Institutions. ECACH is an electronic network for clearing and settlement of cheques and other electronic transactions in all commercial banks within the eight territories of the Eastern Caribbean Currency Union (ECCU). EFT is an authorized transmission of funds to and/or from accounts using the Automated Clearing House, which reduces the use of paper cheques with faster bank-to-bank transactions.
The new system allows for easier management of payments and cashflow, and as a valued corporate customer, you can expect to benefit from:
• Enhanced security, convenience and quicker access to funds
• Improved efficiency and reduced processing time - elimination of labor-intensive manual processes
• Reduced risk of loss and theft
• Increased employee satisfaction
What has changed?
Salary and payroll submissions, which were emailed or hand delivered previously, will now be required in a new electronic format with additional information as follows:
|Previously Accepted Format(s):||New Format:|
|Excel Spreadsheet||CSV format|
|Printed Employee Listing|
|Required Information:||Additional Information Required (New)|
|Employee Name||Employee Account Type (DDA/SAV)|
|Employee Account Number||Bank Routing/Transit Number|
For queries or further information, please contact us via email: EFT_quaries@bosvg.com
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