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ECCB Reconstitutes Eastern Caribbean Payments Council

ECCB Reconstitutes Eastern Caribbean Payments Council

ECCB - an Institute of the OECS

Basseterre, St Kitts and Nevis, 6 July 2018 - As part of its mandate to provide general oversight of the payment and settlements system, the Eastern Caribbean Central Bank (ECCB) has reconstituted the Eastern Caribbean Payments Council.

The Payments Council was first established in 2006 to provide advice on and oversight of the operations and developments of the payments system. It is responsible for facilitating the efficient and stable functioning of the payments system in the ECCU.  The Payments Council is also charged with ensuring the security and integrity of payments and settlement systems in the ECCU; and promoting the innovative nature of payments, the safety of cashless payments and their accessibility to users.

Deputy Governor of the Eastern Caribbean Central Bank, Trevor Brathwaite is the Chairman of the reconstituted Payments Council.  Brathwaite says the reconstitution of the Payments Council is timely given the increase in the use of technology to conduct payments and the need to ensure that citizens of the region are not adversely affected by the developments taking place in the payments and settlements system.

At its first meeting held on 28 June, the Payment Council considered the revised Terms of Reference of the Council and the Assessment of the ECCU Payments System, which The World Bank conducted in 2017. The Council also discussed a proposed vision for the payments system in the ECCU.

Two areas of immediate focus for the reconstituted Payments Council will be to design a road map for the future of the payment system in the ECCU and to provide advice for the drafting of Regulations to accompany the Payment System Act.

The other members of the Eastern Caribbean Payments Council are:

  • Senior Officer from the ECCB, Francis Fontenelle
  • President of the ECCU Bankers Association, Michael Spencer
  • Secretary of the ECCU Bankers Association, Fleur Nichols
  • Representative of the Caribbean Association of Bankers, Sophie Thomas-Durand
  • Member of the Eastern Caribbean Securities Regulatory Commission (ECSRC),
    Dr Vincent Richards; and
  • Telecommunications Expert, Embert Charles

 

Contact us
Shermalon Kirby-Gordon Communications Manager, Eastern Caribbean Central Bank (ECCB)
Ingrid O’Loughlin Senior Director ,Corporate Relations Department, Eastern Caribbean Central Bank (ECCB)
OECS Communications Organisation of Eastern Caribbean States
Shermalon Kirby-Gordon Communications Manager, Eastern Caribbean Central Bank (ECCB)
Ingrid O’Loughlin Senior Director ,Corporate Relations Department, Eastern Caribbean Central Bank (ECCB)
OECS Communications Organisation of Eastern Caribbean States
About The Organisation of Eastern Caribbean States

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has ten members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla and Martinique.

The Organisation of Eastern Caribbean States
Morne Fortune
Castries
Saint Lucia