The Central Bank of Barbados outlined how BiMPay, the national instant payment system launched on June 12, 2026, is intended to improve both payment speed and competition. BiMPay replaced the automated clearing house and real-time processing rails, allowing transfers among six banks and three credit unions within seconds at any time. Participants are measured against mandatory time limits for each stage of a transfer. The Bank linked the reform to persistent competition constraints in commercial banking. Fees and commissions represented 20.3% of sector operating income in 2025, while deposit service charges exceeded total interest paid to depositors for the 10th consecutive year. It attributed sustained profitability primarily to cheaper deposit funding rather than escalating fees, noting that customers have lacked meaningful alternatives and face barriers to switching providers. Each BiMPay participant was required to file its fee schedule by July 31, 2026. Institutions cannot charge for the service until the Bank issues a non-objection and customers receive notice, with proposed fees assessed against service costs. The Bank also plans to support switching through comparable published fee schedules and straightforward account portability.
Central Bank of Barbados2026-08-04
Central Bank of Barbados outlines BiMPay competition framework and prior review of participant fees
The Central Bank of Barbados outlined the competition framework for BiMPay, which enables instant transfers among nine institutions around the clock. Participants cannot charge for the service without the Bank’s non-objection and prior customer notice, while further work will focus on fee comparability and account portability.