Frequently Asked Questions
FREQUENTLY ASKED QUESTIONS
What is the ECACHSI?
A company established by banks in the ECCU in collaboration with the ECCB to oversee the operation of the ECACH.
What is the ECACH?
The Eastern Caribbean Automated Clearing House, ECACH, is an electronic network for clearing and settlement of cheques and other electronic transactions.
Who are the stakeholders?
Eastern Caribbean Central Bank (ECCB), Banks in the Eastern Caribbean Currency Union (ECCU) territories namely Anguilla, Antigua & Barbuda, Dominica, Grenada, Montserrat, St. Kitts & Nevis, Saint Lucia and St. Vincent & the Grenadines and the Eastern Caribbean Automated Clearing House Services Incorporated (ECACHSI) (that are part of the ECCB Clearing House arrangements).
How does the ECACH differ from the traditional cheque clearing process?
- The ECACH is the electronic exchange of the cheque image whereas the traditional clearing process is a manual exchange of the physical cheque.
- The ECACH will clear cheques by the next business day while traditional clearing took up to three (3) business days; customers must ensure that sufficient funds are on their account whenever a cheque is issued.
- Cheques between the participating islands will be cleared in the same time as local cheques.
What is Cheque Image Exchange?
Cheque image Exchange is the conversion of physical cheques to electronic images and the electronic exchange of these images between banks. In this process physical paper cheques are no longer exchanged.
What is the MICR line on a cheque?
The MICR (short for Magnetic Ink character Recognition) line, an international standard, is the series of numbers printed at the bottom of your cheque using a special font and magnetic ink which allows the information such as the cheque and account number to be read electronically.
Does the ECACH impact the security of my account?
No. The ECACH is governed and protected by the Payment Systems Act and the Electronic Transaction Act. However, it is your personal responsibility to continue to monitor your account regularly.
Visit the ECACH Website for more information.