By Central Bank of Barbados
BRIDGETOWN, Barbados – The Central Bank of Barbados will officially unveil its national instant payment system during a launch event on Tuesday, August 12, 2025, at 11:00 a.m. The event will introduce the system’s name and logo, and outline plans for a comprehensive public education programme to prepare Barbadians for its introduction.
Scheduled to go live in 2026, the IPS will allow individuals, businesses, and government to send and receive payments within 10 seconds, with the recipient being able to access the funds immediately upon receipt. The system will also be fully interoperable, removing barriers that previously limited such transactions between individuals who banked with the same financial institution. This offers several advantages, among them increasing financial inclusion.
“We want to make financial services accessible to every Barbadian, regardless of whether they hold an account with a traditional bank or credit union,” said Novaline Brewster, director of communications, information and outreach at the bank. “This instant payment system will transform how payments are made in Barbados through its speed, inclusivity, and 24/7 availability.”
The launch will feature a discussion among Governor Dr Kevin Greenidge, deputy Governor Michelle Doyle, Shimon McIntosh, president of The Barbados Bankers Association, and Nicholas Smith, senior financial sector specialist at the World Bank.
The IPS is part of the bank’s ongoing project to modernise Barbados’ payments landscape and is in line with the organisation’s core objective of promoting financial stability.