Schedule 3
(Rules 69, 74, 88, 103, 106, 119, 166, 173)
PROCESSING SCHEDULE
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(1) Sessions for Processing
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(a) The ECACH processing shall be conducted in four sessions on each business day as follows:
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Start of Day – 6:00 (All Times are Eastern Caribbean Time)
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Session One – Direct Credit Only
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6:15 Collateral Setup Time
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6:30 Clearing Start Time
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8:15 Clearing Cut-off Time
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8:30 Settlement Time
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Session Two – VIP (Cheques over $150,000)
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8:00 Clearing Start Time
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14:30 Clearing Cut-off Time
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Session Three – Cheque, DD and Direct Payment (Credit)
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8:45 Collateral Setup Time
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9:00 Clearing Start Time
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10:30 Clearing Cut-off Time
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11:00 Settlement Time
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Session Four – Cheque, DD and Direct Payment (Credit)
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11:15 Collateral Setup Time
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11:30 Clearing Start Time
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14:30 Clearing Cut-off Time
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15:00 Settlement Time
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File Cut-off – 17:00
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End of Day – 17:30
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(b) The ECACH's computer system is available to system participants every day from 6:00 to 15:00 except on the days designated as system holidays on the Holiday Schedule.
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(2) Cut-off Time
Originating participants or their third party agents shall transmit files by the clearing cut-off time in each session. Originated files that do not meet the clearing cut-off times for that session will be distributed in the session next following.
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(3) Early submission of files
Credit or debit items sent earlier than 3 days before intended settlement date will be rejected.
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(4) Availability of files
Receiving participants or their third party agents shall have files available throughout the 4 sessions on the processing schedule.
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(5) Settlement Times
Settling participants that are in a net debit position at the set ECACH Settlement times are required to have funds in their Settlement Account at the Central Bank at the times indicated on the processing schedule.
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(6) Return processing
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(a) Receiving participants may return items presented in session 2 (VIP Session) only during the active session.
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(b) Receiving participants may dispose the items at any time before the session ends. Any item remaining unprocessed at the end of the VIP Session, will automatically be rejected by the ECACH.
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(c) The originating participant may re-present the item for processing during the next business day's VIP Session.
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(d) Where an item is rejected, the ECACH will automatically create a return to the originating participant.
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(e) The ECACH will send an email alert to the receiving participant directing them to the receipt of a large value eligible item.
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(f) Each item in all other sessions will have a twenty four hour return timeframe from settlement. Banks must dispose items within 24 hours of settlement or they will become final and irrevocable.
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(7) Holiday calendar
In order to facilitate an efficient ECACH a holiday calendar shall be established for each territory and a master holiday calendar is established to reflect the common holidays for all countries. On the holidays noted in the master holiday calendar the ECACH will be closed, that is, no processing or settlement will take place. The master holiday calendar is as follows —
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(a) New Year's Day – January 1st or next business day;
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(b) Good Friday;
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(c) Easter Monday;
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(d) Whit Monday;
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(e) Christmas Day – December 25th or the next business day; and
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(f) Boxing Day – December 26th or the next business day.