BRIDGETOWN, Barbados, CMC – The Central Financial institution of Barbados (CBB) says it’s mandating that all the nation’s industrial banks, in addition to the three largest credit score unions and the Barbados Inventory Trade, should function on the Immediate Funds System (IPS).
The CBB, which additionally included the Accountant Common’s Workplace, mentioned that the measure will come into impact as of March 31, 2026.
“This obligatory participation requirement applies to all present individuals within the interbank real-time clearing and settlement system (RTGS) and derives from the elemental necessity to base the IPS platform on a totally interoperable mannequin that may facilitate instantaneous monetary transactions to all end-users of fee companies in Barbados.”
The CBB acknowledged that the IPS platform is a major factor of the Barbados Funds System Modernisation venture, which goals to boost monetary accessibility by enabling real-time transactions for all Barbadians, no matter their banking supplier.
It acknowledged that the system may also enable entry at a later stage to different non-bank monetary entities, equivalent to cash switch service suppliers, cell cash operators, Fintechs, and different fee service suppliers that the CBB licenses.
Lately, fee programs have turn into a key focus of public coverage worldwide, and central banks have been given duty on this space resulting from their position in sustaining the economic system’s monetary stability.
Central banks, in flip, have more and more acknowledged the significance of IPS as a driver and gear for financial progress and elevated monetary inclusion.
The CBB acknowledged that its major goal is to allow and speed up digital retail funds throughout varied digital channels, thereby reaching deeper monetary inclusion cost-effectively and effectively. “This goal will likely be achieved by establishing the IPS platform, which permits collaborating establishments to introduce varied fee companies on high of and round this infrastructure.”
In the meantime, the CBB mentioned that it had chosen the New York-based Montran Company as the seller for the nation’s new nationwide IPS.
It acknowledged that it chosen the globally acknowledged fee programs supplier following a aggressive procurement course of that started in February 2025, with the issuance of a Request for Proposal for the design, provide, set up, and help of the IPS.
The CBB has since executed the related contractual preparations with Montran Company.
“The IPS platform represents a significant part of the Barbados Funds System Modernisation Mission, which goals to boost monetary accessibility by enabling real-time transactions on a 24/7/365 foundation for all Barbadians, no matter their banking supplier,” the CBB added.
It acknowledged that, in parallel with the technical implementation of the system, it would additionally launch a complete public schooling marketing campaign to advertise consciousness and adoption of prompt funds.
The CBB acknowledged that it’s also within the strategy of modifying Barbados’ authorized and regulatory funds framework to take cognizance of latest types of funds, in addition to to boost the patron safety, fraud management, and knowledge privateness facets of present laws.
