The Central Bank of Barbados has mandated that all commercial banks, the country’s three largest credit unions, the Barbados Stock Exchange and the Accountant General’s Office must operate on the Instant Payments System (IPS) effective March 31, 2026. The requirement applies to all existing participants in the interbank real-time gross settlement (RTGS) system. Mandatory participation is intended to ensure the IPS is built on a fully interoperable model that can support instantaneous transactions for end-users across Barbados, and it is positioned as a core component of the Barbados Payments System Modernisation Project. The platform will later allow access for other non-bank financial entities, including money transfer service providers, mobile money operators, fintechs and other payment service providers licensed by the Central Bank.
Central Bank of Barbados 2025-06-26
Central Bank of Barbados mandates participation in the Instant Payments System for banks and key financial institutions from March 31 2026
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by March 31, 2026. This ensures a fully interoperable model for instantaneous transactions under the Barbados Payments System Modernisation Project. Future access will extend to non-bank financial entities, including money transfer services and fintechs.