The Central Bank of the Bahamas has issued a request for proposals seeking a vendor to design, supply, implement and support a Fast Payment System (FPS) intended to enable real-time or near real-time domestic payments on an operating basis as close to 24 hours a day and seven days a week as possible. The FPS is required to interoperate with existing domestic payments and settlement platforms including the Automated Clearing House, the Bahamas Interbank Settlement System and Real Time Gross Settlement System, and the Bahamian dollar central bank digital currency, the SandDollar, while supporting direct and indirect participation by banks, credit unions and other payment service institutions. The Bank is seeking a commercial off-the-shelf real-time settlement solution that is already in production, has been implemented for at least one central bank in the last 18 months, and can be configured for the Bank’s current and future operational needs. Key requirements include ISO 20022 messaging, a real-time settlement model using either dedicated prefunded RTGS accounts or collateralised FPS-level settlement accounts, APIs for integration, a central proxy identifier database supporting aliases, and performance targeting a maximum average processing time of six seconds, with non-functional targets including 99.99 percent annual uptime and scalability to at least 350,000 aliases. Proposals must be submitted as separate technical and cost documents, and evaluation weightings are set at 80 percent technical, 15 percent financial and 5 percent solution presentation and demonstration, with the Bank retaining ownership, governance and operational oversight of the FPS and control of all data created or stored under the contract. Questions are due by 30 November 2025 at 4:00 pm EDT, responses are scheduled for 8 December 2025, and electronic proposals must be submitted by 19 December 2025 at 4:00 pm EDT. Shortlisted vendor presentations are planned on or about 23 January 2026, with a notice of intent to award on or about 27 February 2026; phased delivery is envisaged with overall completion in 40 to 44 weeks from the firm order date.
Central Bank of the Bahamas 2025-10-31
Central Bank of the Bahamas launches RFP to procure a fast payment system interoperable with RTGS and the SandDollar
The Central Bank of the Bahamas seeks proposals for a vendor to design a Fast Payment System (FPS) for real-time domestic payments, interoperable with existing platforms and the SandDollar digital currency. The FPS must support ISO 20022 messaging, real-time settlement, and APIs, with targets including six-second processing times and 99.99% uptime. The Bank requires a commercial off-the-shelf solution used by at least one central bank in the past 18 months, with evaluation criteria heavily weighted towards technical aspects.