The Central Bank of Barbados has selected Montran Corporation to design, supply, install, and support Barbados’ new national Instant Payments System (IPS) and has executed the relevant contractual arrangements. The selection followed a competitive procurement process launched in February 2025 with a request for proposal. The IPS is a major component of the Barbados Payments System Modernisation Project and is intended to enable real-time transactions on a 24/7/365 basis for all Barbadians, regardless of banking provider. Participation is expected to include the six commercial banks, three credit unions, the Barbados Stock Exchange, and the Treasury Department of the Government of Barbados, with access at a later stage to other Central Bank-licensed non-bank financial entities such as money or value transmission service providers, mobile money operators, fintechs, and other payment service providers. Alongside the technical implementation, the Central Bank plans a public education campaign to support awareness and adoption of instant payments and is modifying the legal and regulatory payments framework to address new payment forms and strengthen consumer protection, fraud control, and data privacy provisions.
Central Bank of Barbados 2025-06-26
Central Bank of Barbados selects Montran to build a national instant payments system
The Central Bank of Barbados has contracted Montran Corporation to develop the national Instant Payments System (IPS) under the Barbados Payments System Modernisation Project. The IPS will enable 24/7 real-time transactions for all Barbadians and involve major financial entities, with future access for non-bank financial entities. The Central Bank is also enhancing the legal framework and launching a public education campaign to support IPS adoption and strengthen consumer protection.