The Central Bank of Barbados is taking a significant step in modernising the country’s payment infrastructure with the issuance of a Request for Proposal (RFP) for the design, supply, installation, and support of a national Instant Payments System (IPS).
The monetary authority said recently that building on its collaboration with the World Bank announced in October 2024, its Barbados Payments System Modernisation Project aims to enhance financial accessibility by enabling real-time transactions for all Barbadians, regardless of their banking provider.
“This is a major milestone in our ongoing work to ensure that Barbadians are able to make and receive payments quickly and efficiently,” said Deputy Governor Michelle Doyle.
“An instant payments system at the national level will ensure that individuals and businesses can send and receive funds instantly, reducing cash flow delays, especially for small businesses.”
The project is expected to be implemented over an 18-month timeline, during which the Central Bank will also roll-out a comprehensive public
education campaign to promote awareness and adoption of instant payments. Proposals are to be submitted on or before March 17, at 4 p.m.
In October last year, the Central Bank said that in the preceding April to July period it “engaged in extensive discussions with financial institutions, the World Bank, and other key stakeholders to assess and enhance the local payments market an infrastructure”. Following these talks, the World Bank conducted a thorough review of Barbados’ legal and regulatory payments framework and evaluated the Real Time Payments system, and as a result, the Central Bank, in collaboration with the World Bank, launched the Barbados Payments System Modernisation Project. (PR/SC)
