BiMPay has been described as a special piece of financial infrastructure that will modernise how Barbadians send, receive and access money.
It came from Central Bank Governor Dr The Most Honourable Kevin Greenidge, as Barbados took a major step into the future of digital finance on Friday night with the launch of the national instant payment platform.
Speaking at the Courtney Blackman Grande Salle, Tom Adams Financial Centre in The City, he said a modern economy needs a modern payment system.
“People need to be able to send money quickly. Businesses want to be able to receive funds and have them available to spend. Vendors want to get their funds and access their money quickly,” he told those at the event which took the form of a “pyjama party” in the build-up to the launch on the stroke of midnight.
The Governor revealed that the idea for the instant payment system was born 27 months ago during meetings in Washington, D.C., when Prime Minister Mia Amor Mottley challenged him to develop a platform capable of driving economic growth and improving efficiency across the financial sector.
“It began in Washington, D.C. in a room during the annual meetings when Prime Minister Mottley said to me, ‘It’s about time we get an instant payment system that will drive the economy and drive growth’,” Greenidge recalled.
“If you know how the Prime Minister operates, that’s not a suggestion. That’s an instruction.”
He recounted how discussions with regional and international partners quickly followed, leading to what became a two-year effort involving banks, regulators, technology providers and Government agencies.
He said the platform represents the culmination of years of discussions about modernising Barbados’ payments landscape, reducing delays in financial transactions and increasing financial inclusion.
“Tonight, those are no longer conversations,” he declared.
“It is practicality. It is reality.”
BiMPay connects six commercial banks, three credit unions, the Corporate Affairs and Intellectual Property Office and the Barbados Stock Exchange. The system will allow money to move instantly between participating institutions at any time, including weekends and public holidays, in real time.
The Governor described it as a network that will connect individuals, businesses and institutions in much the same way roads and bridges connect communities.
“The payment system will connect payments through various vehicles, including credit cards, debit cards, cash and payment wallets,” he said.
Greenidge stressed that the benefits would be particularly significant for small and micro businesses, which often face delays in receiving and accessing funds. He noted that individual transactions on the app will be free, while measures have also been put in place to protect small businesses from excessive costs.
“The app is meant to serve real people doing real business in a real economy,” he said.
He also outlined plans for expansion beyond the initial launch phase. While most participating institutions are to be fully operational from the outset, he said two wallet providers – Pryze and Infinity – are expected to join shortly as they complete final technical preparations.
Government agencies are also expected to be integrated into the platform during the next phase of development.
Greenidge praised the collective effort that brought the project to fruition, adding it was not the work of any single individual.
“Such a project is not a oneman show. It requires technical work, long hours and solving problems under pressure.”
He paid tribute to the Central Bank team, participating financial institutions, legal and information technology specialists, international payment technology partner Montran, the World Bank and numerous testers who worked behind the scenes to ensure the system was ready for launch.
(BA)
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