The Central Bank of Barbados has issued a request for proposals for the design, supply, installation and support of a national Instant Payments System (IPS) under its Barbados Payments System Modernisation Project. The IPS is intended to enable real-time payments for individuals and businesses regardless of their banking provider. The procurement builds on the Bank’s collaboration with the World Bank announced in October 2024 and is expected to be delivered over an 18-month implementation period. A public education campaign is also planned to support awareness and adoption of instant payments, with the Bank highlighting faster receipt of funds and reduced cash-flow delays, particularly for small businesses. Proposals must be submitted by March 17, 2025 at 4:00 p.m. EST and include proposal security of USD 25,000, with late proposals to be rejected.
Central Bank of Barbados 2025-01-31
Central Bank of Barbados issues RFP to procure a national instant payments system
The Central Bank of Barbados has issued a request for proposals for a national Instant Payments System as part of its Barbados Payments System Modernisation Project. The system aims to facilitate real-time payments across banking providers, enhancing cash flow for individuals and businesses. The initiative follows collaboration with the World Bank and includes a public education campaign to promote adoption.