BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados (CBB) says it will unveil its national instant payment system (IPS) on Tuesday next week.
The CBB said that the event will also allow for the financial institution to introduce the system’s name and logo, and outline plans for a comprehensive public education programme to prepare Barbadians for its introduction.
It said that the IPS will allow individuals, businesses, and government to send and receive payments within 10 seconds, with the recipient being able to access the funds immediately upon receipt.
The CBB said that the system will also be fully interoperable, removing barriers that previously limited such transactions to between individuals who banked with the same financial institution.
It said that this offers several advantages, among them increasing financial inclusion.
“We want to make financial services accessible to every Barbadian, regardless of whether they hold an account with a traditional bank or credit union,” said Novaline Brewster, Director of Communications, Information and Outreach at the Bank.
“This instant payment system will transform how payments are made in Barbados through its speed, inclusivity, and 24/7 availability.”
The launch will feature a discussion among the CBB Governor Dr. Kevin Greenidge, Deputy Governor Michelle Doyle, President of The Barbados Bankers Association, Shimon McIntosh, and Nicholas Smith, Senior Financial Sector Specialist at the World Bank.
The CBB said that the IPS is part of its ongoing project to modernise Barbados’ payments landscape and is in line with the organisation’s core objective of promoting financial stability.
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