The Central Bank of Barbados is urging financial institutions to do more to fix the challenges, including the late payment of salaries and other delayed fund transfers, which have plagued the BiMPay payment rail during its first month of use.
Central Bank Governor Dr The Most Honourable Kevin Greenidge said the national instant payment system was working, pointing to the processing of 750 000 transactions worth $1.3 billion since it went live on June 12.
However, speaking during a press conference today at the Courtney Blackman Grande Salle, he said a number of the issues facing the system, including incorrect payroll formatting, difficulty accessing the tokens needed to connect to the Central Bank’s BiMPay e-wallet, inconsistent spending limits, and delayed transactions, needed to be resolved at the level of the financial institutions.
“One thing that makes a payment system easy for the public to adopt and on board include placing token access on the front page of bank apps where customers can find it, when we search across the world, these are things that matter,” Greenidge said in identifying the things the financial institutions needed to fix.
These include setting limits that reflect the customer profile, correcting account data and posting funds promptly. He said some institutions did not move with the “urgency” that was required, but they were working with them.
The Governor encouraged Barbadians to use BiMPay, “not just the rail but the app as well”.
“The core rail, I reassure you, is sound . . . it moved over $1.3 billion between financial institutions in payments, . . . transactions, all of them are settled within seconds. We are requiring and insisting that the remaining customer experience problems be corrected,” he asserted.
“Those issues are being corrected, and what remains to be done will be done. We are addressing each issue. We continue to do so, institution by institution, and we will not stop until the service delivery works properly for the consumer from end to end.
“The system belongs to you; it belongs to Barbados, not to . . . financial institutions, to you. And I intend to see that it serves you.”
The six commercial banks and three largest credit unions are using BiMPay, as are the Accountant General and Barbados Stock Exchange. (SC)
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