BRIDGETOWN, Barbados, CMC – The Deputy Governor of the Central Bank of Barbados (CBB), Alwyn Jordan, has been named chairman of a 10-member National Payments Council that will advise on the regulation, development, and oversight of Barbados’ payments landscape.
A statement from the Central Bank said that the Council, established under the National Payment System Act, will also play a crucial role in the introduction of BiMPay, Barbados’ forthcoming instant payment system.
Alwyn Jordan (File Photo)
The CBB, which launched the system last month, stated that it would enable individuals, businesses, and government entities to send and receive payments within 10 seconds, with the recipient able to access the funds immediately upon receipt.
The Central Bank stated that the system will also be fully interoperable, removing barriers that previously limited such transactions to those between individuals who banked with the same financial institution.
Central Bank Governor, Dr. Kevin Greenidge, stated that the new payment system will provide consumers with a choice and that the bank has taken the necessary measures to ensure the safety of BimPay, which will transform the way payments are made in Barbados through its speed, inclusivity, and 24/7 availability.
Under the Act, the Council comprises representatives from the Central Bank, the Financial Services Commission, the banking sector, the credit union sector, as well as an individual with experience in business, finance, economics, or law, and a representative to represent the interests of consumers.
Its mandate includes advising the Central Bank on the regulation and oversight of the national payment system, setting operational and technical standards, and developing new technologies. The members will serve a three-year term, which began on August 1, according to the CBB.
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