The Central Bank of Barbados has mandated that all commercial banks, the country’s three largest credit unions, the Barbados Stock Exchange and the Accountant General’s Office operate on the Instant Payments System (IPS), with mandatory participation taking effect on 31 March 2026. The requirement applies to all existing participants in the interbank real-time clearing and settlement system (RTGS) and is intended to ensure the IPS is built on a fully interoperable model capable of supporting instantaneous transactions for all end-users of payment services in Barbados. The IPS is a major component of the Barbados Payments System Modernisation Project and is expected to be opened at a later stage to other Central Bank-licensed non-bank entities, including money transfer service providers, mobile money operators, fintechs and other payment service providers.
Central Bank of Barbados 2025-06-26
Central Bank of Barbados mandates banks, major credit unions and key public institutions to operate on the Instant Payments System from 31 March 2026
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by 31 March 2026. This ensures a fully interoperable model for instantaneous transactions across Barbados. The IPS is part of the Barbados Payments System Modernisation Project and will eventually include other Central Bank-licensed non-bank entities.