The Eastern Caribbean Central Bank has published the Payment System and Services Bill on its website, setting out a new legal framework for the oversight, regulation and licensing of payment service providers across the Eastern Caribbean Currency Union. The Bill is intended to strengthen the safety, efficiency and resilience of the payments ecosystem, with a focus on financial stability and consumer protection. Core elements include licensing and compliance requirements for payment service providers, enhanced consumer protections through greater transparency on fees and terms and conditions, and stronger supervisory and enforcement powers for the ECCB, including adherence to anti-money laundering and cybersecurity measures. The Bill also seeks to support financial inclusion and innovation by facilitating new payment technologies while maintaining security and interoperability. The Bill has been submitted to ECCU member governments for passage.
Eastern Caribbean Central Bank 2025-03-07
Eastern Caribbean Central Bank publishes Payment System and Services Bill establishing a licensing and oversight regime for payment service providers
The Eastern Caribbean Central Bank released the Payment System and Services Bill, establishing a legal framework for regulating payment service providers in the Eastern Caribbean Currency Union. The Bill enhances consumer protection, financial stability, and innovation by introducing licensing requirements, transparency measures, and stronger supervisory powers. It also aims to support financial inclusion and new payment technologies while ensuring security and interoperability.