ECCB Monetary Council approves draft Payment System and Services Act

By Jacques Hinkson-Compton, GIS

The Monetary Council of the Eastern Caribbean Central Bank (ECCB) has approved a draft of the Payment System and Services Bill.

According to Prime Minister of Saint Lucia and Chair of the ECCB, Hon. Philip J. Pierre, the Payment System and Services Act (PSSA) will facilitate a safe and efficient payment system to the region’s service providers.

“Council agreed that the PSSA is needed to support an environment where innovative payment service providers may leverage technology to expand the range of payment services; the payment system in the ECCU stands to benefit from an increased role by non-banks in the payment system, facilitated by a forward-looking and predictable legal and regulatory environment; and the PSSA is required to align the legal and regulatory framework for the payment system in the ECCU with the International Organisation of Securities Commissions Principles for Financial Market Infrastructure (PFMIs).”

The new legislation will empower the ECCB to regulate, monitor and oversee the payment system in the public interest and reduce any potential risks.