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Barbados Launches National Instant Payment System BiMPay
Barbados will launch BiMPay on June 12, a national instant payment system enabling real-time transactions across financial institutions, as announced by the Central Bank of Barbados.
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Originally published by barbadostoday.bb (opens in new tab)
Barbados will officially enter a new era of digital finance on June 12 with the launch of BiMPay, a national instant payment system designed to allow seamless, real-time transactions across banks, credit unions and other financial institutions, the Central Bank of Barbados announced on Tuesday.
The announcement was made during an internal launch and staff appreciation event, “Unlock”, held at the Courtney Blackman Grand Salle. The initiative, described as one of the most significant projects undertaken by the Central Bank in recent history, promises to deliver seamless, instant financial transactions across the country.
Deputy Central Bank Governor Michelle Doyle opened the proceedings by reflecting on the intense two-year journey that culminated in the creation of the platform.
“Back in 2024, when we began, we did not begin with technology,” Doyle told the gathered staff and guests. “We started with conversations where we questioned ourselves about how we could improve financial payments in Barbados. Through a series of workshops, we worked to determine the business requirements, asking what it should look like, which institutions should be onboarded, who it needed to serve, and how it would fit into the everyday lives of Barbadians.”
The project, which intensified dramatically over the last six months, required a monumental effort from the bank’s internal departments, alongside external consultants and global technology vendor Montran, whose specialised teams in Romania and Ecuador supported the platform’s development.
“This year, we have variably compressed 12 months of work into six months,” Doyle noted, praising the “unwavering commitment” of teams that sacrificed weekends and family time to meet the launch date. “The assiduousness of these teams, their sheer persistence, and attention to detail is the reason why we stand here today, ten days from launch, with confidence.”
Central Bank Governor Dr Kevin Greenidge highlighted the transformative economic impact of BiMPay, emphasising that the platform represents a fundamental shift in national infrastructure rather than just a technological upgrade. To explain its role, Dr Greenidge used a transportation analogy.
“Imagine the road network of Barbados,” Dr Greenidge said. “The road network connects communities, houses, and businesses. If you don’t have a road, development is difficult. Likewise, BiMPay is the financial highway network of roads connecting all payment service providers, banks, and credit unions. Payments move between banks and credit unions just like people use the highways.”
