The Central Bank of Barbados has selected Montran Corporation to design, supply, install and support Barbados’ new national Instant Payments System (IPS), a core component of the Barbados Payments System Modernisation Project intended to enable real-time payments on a 24/7/365 basis across banking providers. The appointment followed a competitive procurement that began with a Request for Proposal issued in February 2025, and the Bank has executed the relevant contracts with Montran. The IPS will initially include participation by the country’s six commercial banks and three credit unions, as well as the Barbados Stock Exchange and the Treasury Department of the Government of Barbados. At a later stage, access is planned for other licensed non-bank payment market participants, including money or value transmission service providers, mobile money operators, Fintechs and other payment service providers. Alongside the technical build, the Bank will run a public education campaign and is modifying the legal and regulatory payments framework to accommodate new forms of payments and strengthen consumer protection, fraud control and data privacy.
Central Bank of Barbados 2025-06-26
Central Bank of Barbados selects Montran to develop a national instant payments system
The Central Bank of Barbados has appointed Montran Corporation to develop the national Instant Payments System (IPS) for 24/7/365 real-time payments as part of the Barbados Payments System Modernisation Project. Initially, the IPS will include six commercial banks, three credit unions, the Barbados Stock Exchange, and the Treasury Department, with plans to expand to other non-bank participants. The Bank is also updating the legal and regulatory framework to enhance consumer protection, fraud control, and data privacy.