A new advisory body on payments has been installed six months before the Central Bank of Barbados’ new instant payment system BiMPay goes into use.
The Central Bank announced yesterday that the ten-member National Payments Council, which is being chaired by its Deputy Governor Alwyn Jordan with Financial Services Commission chief executive officer (CEO) Warrick Ward his deputy, began its term on August 1.
Under the National Payment System Act enacted by Parliament, the National Payment System Council is to advise the Central Bank on the regulation and oversight of the national payment system; the setting of operational and technical standards; the setting of fees and the development of new technologies. It must submit such reports to the Central Bank as it may request from time to time.
The Central Bank stated that the members of the council have significant experience in financial services, regulation, technology and community leadership.
The other members are Central Bank Deputy Governor Michelle Doyle, payments and cards specialist Kent Emile-Smith, Barbados Defence Force cybersecurity expert Donovan Smith, Sagicor Bank’s CEO George Thomas, Barbados Public Workers’ Co-operative Credit Union Limited Group CEO Glyne Harrison, Barbados Association of Retired Persons representative Monica Hinds, Payce Digital CEO Alison Browne-Ellis who is representing payment system providers, and University of the West Indies lecturer and financial expert John Burnett.
The Central Bank explained that under the National Payment System Act, the council “comprises representatives from the Central Bank, the FSC, the banking sector and the credit union sector, as well as an individual with experience in business, finance, economics, or law, and someone to represent the interest of consumers”.
The ten council members will serve a threeyear term and under the Act they are eligible for reappointment.
Majority of votes
The law also requires that the council’s decisions “shall be by a majority of votes and in a case where the voting is equal, the chairman or other person presiding at the meeting shall, in addition to an original vote, have a casting vote”.
While the council may invite any individual to attend any of its meetings to assist or advise it with respect to any matter under its consideration, “a person so invited does not have a right to vote”.
The Central Bank is collaborating with the World Bank on the Barbados Payments System Modernisation Project.
Speaking at the recent launch of BiMPay, Nicholas Smith, senior financial sector specialist at the World Bank, flagged the importance of the council.
He called it “an important body that will help bring together the key stakeholders, so that it’s not just a Central Bank thing, but financial institutions, other Government institutions, private sector representation, so that everybody is part of driving this process of digitalising payments in the economy”.
Barbados Bankers’ Association president Shimon McIntosh also spoke at the launch and noted that while things like bank fees were covered in the Central Bank’s Market Conduct Guideline, the council’s introduction “also has a part to play in that process as well”. (SC)
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