The Central Bank of the Dominican Republic hosted its first Instant Payments Forum and announced that, with support from the Monetary Board, it has decided to move ahead with acquiring and implementing an instant payments management system to expand fast retail transfers and payments. The Central Bank’s Payments Systems Department said the new platform aims to provide a modern retail payments service operating 24 hours a day, seven days a week and 365 days a year, enabling account credits in less than 10 seconds, multiple payment options and access channels, and immediate confirmation of funds. The bank expects the platform to reduce cash use, increase electronic payments, lower in-branch traffic and cash-handling costs, and support financial inclusion under the National Financial Inclusion Strategy. The forum also reviewed implementation experiences from Brazil’s Pix and Colombia’s Bre-B, with participation from World Bank specialists and central bank officials.
Central Bank of the Dominican Republic 2025-01-31
Central Bank of the Dominican Republic confirms acquisition of instant payments management system designed for 24/7 sub-10-second transfers
The Central Bank of the Dominican Republic, backed by the Monetary Board, plans to implement an instant payments system for fast retail transfers. Operating continuously, it will enable rapid account credits and multiple payment options, aiming to reduce cash use and support financial inclusion. The announcement followed the bank's first Instant Payments Forum, featuring insights from Brazil's Pix and Colombia's Bre-B systems.