ECCB Deadlines for Payment Settlement

ECCB Deadlines for Payment Settlement

ECCB’s regular business days are 8:00 a.m. to 4:00 p.m. Monday to Friday, inclusive. The deadline for the receipt of payment instructions are critical in ensuring that settlement is received on the desired value date.

The deadline schedules for transaction denominated in various currencies are provided for the commercial banks (Table 1) and ECCU governments (Table 2).

Table I: ECCB Cut-off Times for Payment Instructions for Commercial Banks

1. ECCB is required to effect instructions for payments to a customer’s account at another bank.
2. ECCB is not required to send payment instructions – accounts at ECCB are debited and credited
3. The same day value is subject to the Regional Central Bank and therefore it is best to avoid requests for same day value

 Table 2: ECCB Cut-off Times for Payment Instructions for Participating Governments

1. ECCB is required to effect instructions for payments to a customer’s account at another bank.
2. ECCB is not required to send payment instructions – accounts at ECCB are debited and credited
3. The same day value is subject to the Regional Central Bank and therefore it is best to avoid requests for same day value
4. Note that Fridays are non-business days in Kuwait