The Eastern Caribbean Central Bank (ECCB) is advancing two major initiatives aimed at making electronic payments faster, cheaper, and more accessible across the Caribbean. According to Antigua News Room, the ECCB's Monetary Council received updates on both projects during its 113th meeting, held in Dominica on Friday.
The two flagship initiatives — the CARICOM Payments and Settlement System (CAPSS) Pilot and the Fast Payment System — fall under the ECCB's broader "Big Push" strategy for regional economic development. The Monetary Council discussed progress on both during the meeting.
The CAPSS pilot is designed to facilitate instant cross-border payments using local currencies, which officials say will reduce transaction costs and lessen dependence on correspondent banking arrangements. The system represents a significant shift in how Caribbean nations conduct cross-border financial transactions.
The Fast Payment System, meanwhile, would enable real-time electronic payments across the Eastern Caribbean Currency Union (ECCU) on a 24-hour, seven-day-a-week basis. Together, the Council said, the two initiatives are expected to strengthen regional financial integration, improve payment efficiency, and expand financial inclusion across the currency union.
The Council also reported continued progress in broadening access to banking services through the ECCU First Step Savings Account. At least 17 licensed financial institutions now offer the account to first-time and other eligible customers. The Council further reaffirmed the importance of retail bond issuances as a tool for widening investment opportunities for citizens and advancing financial inclusion and wealth creation across the region.
