The Central Bank of Barbados is moving ahead with its plans to implement a real-time digital payments system, with Deputy Governor Michelle Doyle confirming that the first phase of onboarding is on track for March next year.
Speaking during a panel discussion at the 45th Annual Review Seminar on Monday, Doyle said the Instant Payments System (IPS) will enable Barbadians to transfer funds instantly across commercial banks, credit unions, and digital wallets, regardless of provider.
“We asked ourselves, ‘How could we have a future-proof payments infrastructure that allows us to benefit from the ease of scanning a QR code and effecting payment, or where the beneficiary receives funds in real-time?’,” she said.
Doyle, who serves as executive sponsor for the IPS project, said the platform will be a “game changer” for how payments are executed, with seamless transfers between institutions.
She confirmed that the Accountant General, commercial banks, credit unions, and the Barbados Stock Exchange will be part of the initial phase next year.
The full transition to the IPS becomes mandatory by March 31, 2026, as announced last month in a Central Bank press release.
The IPS is part of the wider Barbados Payments System Modernisation Project and aims to improve financial inclusion and support economic growth.
Central banks globally are taking a more active role in digital payments, Doyle said, and Barbados is no exception.
“We have a whole load of work ahead,” she added, “but we are on track.”
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