BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados (CBB) says it is mandating that all of the country’s commercial banks, as well as the three largest credit unions and the Barbados Stock Exchange, must operate on the Instant Payments System (IPS).
The CBB, which also included the Accountant General’s Office, said that the measure will come into effect as of March 31, 2026.
“This mandatory participation requirement applies to all existing participants in the interbank real-time clearing and settlement system (RTGS) and derives from the fundamental necessity to base the IPS platform on a fully interoperable model that can facilitate instantaneous financial transactions to all end-users of payment services in Barbados.”
The CBB stated that the IPS platform is a significant component of the Barbados Payments System Modernisation project, which aims to enhance financial accessibility by enabling real-time transactions for all Barbadians, regardless of their banking provider.
It stated that the system will also allow access at a later stage to other non-bank financial entities, such as money transfer service providers, mobile money operators, Fintechs, and other payment service providers that the CBB licenses.
In recent years, payment systems have become a key focus of public policy worldwide, and central banks have been given responsibility in this area due to their role in maintaining the economy’s financial stability.
Central banks, in turn, have increasingly recognized the importance of IPS as a driver and tool for economic growth and increased financial inclusion.
The CBB stated that its primary objective is to enable and accelerate digital retail payments across various digital channels, thereby achieving deeper financial inclusion cost-effectively and efficiently. “This objective will be achieved by establishing the IPS platform, which enables participating institutions to introduce various payment services on top of and around this infrastructure.”
Meanwhile, the CBB said that it had selected the New York-based Montran Corporation as the vendor for the country’s new national IPS.
It stated that it selected the globally recognized payment systems provider following a competitive procurement process that began in February 2025, with the issuance of a Request for Proposal for the design, supply, installation, and support of the IPS.
The CBB has since executed the relevant contractual arrangements with Montran Corporation.
“The IPS platform represents a major component of the Barbados Payments System Modernisation Project, which aims to enhance financial accessibility by enabling real-time transactions on a 24/7/365 basis for all Barbadians, regardless of their banking provider,” the CBB added.
It stated that, in parallel with the technical implementation of the system, it will also launch a comprehensive public education campaign to promote awareness and adoption of instant payments.
The CBB stated that it is also in the process of modifying Barbados’ legal and regulatory payments framework to take cognizance of new forms of payments, as well as to enhance the consumer protection, fraud control, and data privacy aspects of current legislation.
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