Barbados Central Bank to Launch New Payment System

• The Barbados Central Bank (CBB) has announced plans to introduce a new payment system that it says will create a more inclusive financial ecosystem, eliminating barriers between banks, credit unions, and other financial institutions to allow seamless real-time transfers.
• Central Bank Governor, Dr. Kevin Greenidge, said that the Instant Payments System (IPS) will be launched in March next year and promises faster, cheaper and more secure transactions. “This is perhaps one of the most revolutionising things that we've done since establishing the Central Bank,” Greenidge said during a panel discussion at the Bank's 45th Annual Review Seminar.
• Under the existing system, transferring money between different banks or credit unions can take hours or even days, with some institutions charging fees for instant transfers. The CBB said that the IPS will change that by allowing real-time transactions across all participating financial service providers, including commercial banks, credit unions, and approved fintech companies.
• As a result, customers will experience no more waiting for payments to clear transfers between accounts at different institutions, lower transaction costs and more payment options, with customers being able to send and receive money directly from mobile devices, even without cash or cards. Deputy Governor Michelle Doyle, who is leading the IPS project, said customers may now do their shopping without having a credit card or cash, “but if you have your phone, you can make a payment from your mobile device.”

(Source: CariCRIS)