Central Bank Addresses Salary Payment Delays Linked to BiMPay System

The Central Bank of Barbados has sought to reassure workers affected by delayed salary payments, stating that the issue is not a failure of the BiMPay system itself.

In a statement, the Bank said the delays were linked to incorrectly formatted account information submitted for processing through the new payment platform.

Under the previous automated clearing house system, some formatting errors could be corrected before payments were completed. However, BiMPay processes transactions in real time, requiring account information to meet validation requirements before payments can be accepted.

The Central Bank said it has been working with banks and credit unions to address account formatting and payment file requirements, while financial institutions continue to assist corporate customers in resolving any issues.

Employers submitting payroll files have been advised to check with their financial institutions to ensure account and file information meets BiMPay’s processing standards.

The Bank also stressed that employees receiving salaries through direct deposit do not need to download or use the BiMPay e-wallet to receive payments.

Apologising for the inconvenience caused, the Central Bank said it was working with participating financial institutions to ensure salary payments and other electronic transfers continue to flow smoothly.

Since interbank transfers resumed on BiMPay on June 13, the platform has processed 126,000 transactions valued at approximately $210 million.