Central Bank of Barbados Partners with Montran for Instant Payments System Modernization

In a move to modernize its financial infrastructure, the Central Bank of Barbados (CBB) has selected Montran to develop and implement the nation’s new Instant Payments System (IPS). This collaboration marks a significant advancement in the efficiency and accessibility of payments across the island. As part of a broader initiative backed by the World Bank, the IPS aims to enhance the speed and inclusivity of the payment ecosystem in Barbados.

The introduction of the IPS is poised to align well with the CBB’s mission to foster robust regulatory frameworks, legal standards, and digital literacy, ultimately creating a financially prepared society for the future. In a statement given by CBB's Deputy Governor, Michelle Doyle, she emphasized that the move to instant payments will significantly alleviate cash flow delays, particularly benefiting small businesses across the nation. This emphasis on small businesses highlights the CBB's commitment to economic growth and stability.

Montran’s selection comes after a rigorous evaluation process, where its solutions showcased remarkable scalability and interoperability—essential features for the successful deployment of a real-time settlement system. The IPS will be operational 24/7, integrating with banks, credit unions, mobile service providers, FinTech ventures, the Barbados Stock Exchange, and various government platforms. With a history of implementing advanced security protocols such as fraud detection and QR payments, Montran is set to support Barbados’s digital transformation and financial inclusion goals effectively.

Matt Walsh, Montran’s Global Sales Director, expressed pride in the partnership, stating, “We are excited to help the Central Bank of Barbados take this bold step towards digital transformation. Our IPS platform will unlock faster, safer, and more inclusive payment solutions for all Barbadians.” This sentiment underscores the innovative approach Montran aims to bring to the Barbadian payment landscape.

The CBB Governor, Dr. Kevin Greenidge, remarked that the new instant payment system lays the groundwork for future innovations within the financial sector. He noted, “This platform will fortify our payment network, ensuring real-time settlement across all sectors and increasing both transparency and resilience within the system.”

For Barbadians, the rollout of the IPS signifies a pivotal advancement in financial accessibility and convenience. This new system enables real-time fund transfers at any hour, broadens access to digital payments, and diminishes the reliance on costly foreign payment channels. By facilitating innovation and streamlining financial services, the IPS is expected to empower small businesses, promote financial inclusion, and spur the ongoing growth of the local economy.

About Montran

Montran has established itself as a leading provider of payment infrastructure solutions and capital market services, serving prominent financial institutions globally with operations in over 90 countries. For further details, visit Montran's website.

About Central Bank of Barbados

The Central Bank of Barbados is dedicated to promoting monetary stability, ensuring the strength of financial institutions, and fostering economic development. The Bank is responsible for issuing currency, managing foreign reserves, and regulating the financial system.