Imagine being able to send and receive money instantly – no delays, no waiting. That future is on the horizon for Barbados, as the Central Bank takes a major step toward modernizing the nation’s payment system.
The bank has issued a Request for Proposal (RFP) to develop a national Instant Payments System (IPS), designed to make transactions faster and more accessible for everyone, regardless of their banking provider.
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Deputy Governor Michelle Doyle called it a “major milestone” in the effort to ensure Barbadians can make and receive payments quickly and efficiently. “An instant payments system at the national level will allow individuals and businesses to send and receive funds instantly, reducing cash flow delays, especially for small businesses,” she said.
This initiative is part of the Barbados Payments System Modernisation Project, launched in collaboration with the World Bank. Over the next 18 months, the Central Bank will not only implement the system but also roll out a public education campaign to encourage awareness and adoption.
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Businesses and technology providers interested in bringing this system to life have until March 17 at 4 p.m. to submit their proposals.
The move comes after months of consultations with financial institutions, the World Bank, and other stakeholders. A comprehensive review of Barbados’ legal and regulatory framework paved the way for this ambitious transformation. Now, with the IPS on the way, seamless, real-time transactions are set to become the new standard for payments across the island.
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