BimPay launch delayed for extra testing

The Central Bank of Barbados has postponed the national rollout of its modernised digital payment platform, BimPay, from March 31 to June 12 this year, citing the need for additional system-wide testing among commercial banks, credit unions and other institutions.

The much-anticipated launch of BimPay, Barbados’ modernised national payment system, has been delayed, Central Bank Governor Dr Kevin Greenidge announced on Monday.

Previously targeted for a March 31 go-live date, the system will now debut on Friday, June 12, he said, in a bid to complete further interoperability testing across all participating financial institutions, he told reporters at a press briefing at the Courtney Blackman Grand Salle.

“I have assessed the situation carefully,” Dr Greenidge said. “I have consulted with all parties involved — the banks, the credit unions, the accountant general, the Barbados Stock Exchange, and our system developers — and we all agree that June 12 gives us the time to complete all testing and ensure everything is working properly.”

BimPay is intended to replace the current Barbados Automated Clearing House (BASHI) with a new transaction infrastructure capable of processing transactions 24 hours a day, 365 days a year. 

But the platform also introduces instant interbank fund transfers, a digital wallet, and payments by QR code sharing, regardless of whether a user holds a traditional bank account.

The central bank governor insisted the system’s infrastructure is fully developed and secure.

The delay is not a result of any failure within the Central Bank’s own core systems, he said, but rather the need for all commercial banks and credit unions, along with the Accountant General’s Office and the Barbados Stock Exchange to successfully complete the process of integrating their individual systems with the new national payment rail.

“The system is ready,” Dr Greenidge declared. “What remains to be done, what is required by design, is that every participating institution — every bank, every credit union, the Accountant General’s Office, and the Barbados Stock Exchange — must now connect and be fully tested before we allow a single transaction to go through the system.”

The governor explained that while the initial timeline was considered realistic, the varying speeds at which institutions have moved through the testing phase necessitated a unified approach to ensure a seamless national launch. He noted that the Central Bank has implemented a stringent reporting structure to monitor daily progress as all parties work towards the new June deadline.

Addressing concerns regarding institutional readiness for the new date, the governor maintained a firm stance on accountability: “Every single institution that meets the required standards will launch with us on June 12.”

“Any institution that does not meet those standards will be excluded. The launch will not be held back because of any tardiness of any party.”

During the transition, existing electronic payment services, including those provided by BASHI, will continue to operate without interruption. 

The project is still running on budget despite the shift in the timeline, said the central bank, noting that the initiative is funded by the Central Bank to bolster the national financial framework.

“Our number one job at the bank is to protect the integrity of our financial system,” Dr Greenidge said. “This decision is consistent with that. I would prefer to come to you and be direct about that than to contemplate launching when we are not quite ready.”

To ensure the new June 12 deadline is met, the Central Bank has implemented rigorous oversight, he said, emphasising that the participating organisations have been set binding milestones.

Deputy Governor Michelle Doyle, who serves as the project’s executive sponsor, underscored the feasibility of the new timeline.

She said: “Ultimately, the June 12 date is feasible because of the approach that we have taken at the outset, where we have structured the support for each bank and credit union to ensure that we share as much information to help their vendors… to achieve the milestones that we have set.”

The Central Bank has been monitoring progress on a daily basis, said Dr Greenidge, warning that any institution failing to meet the required standards by the launch date would be excluded, emphasising that the project will no longer be held back by the individual delays of participating partners.

Despite the adjusted timeline, Dr Greenidge moved to reassure the public that there will be no disruption to existing payment services. The current clearing system will remain fully functional until the June 12 switchover.

Consumers can continue to use their mobile and Internet banking services exactly as they do now without interruption, he explained.

Officials have touted BimPay as fundamentally transforming the financial landscape with round-the-clock, instant, real-time transfers regardless of the user’s financial institution. 

The accompanying BimPay e-wallet will allow individuals — even those without traditional bank accounts — to send money, pay bills and make QR code payments using only a mobile phone.

Looking beyond domestic convenience, the governor outlined a broader vision for regional integration. Once BimPay is firmly established, it is expected to serve as the foundation for connecting with the Caribbean Payment System (CPACS), which aims to facilitate trade between Caribbean nations using national currencies, ultimately reducing reliance on intermediate US dollar transactions.

“I made a commitment to get it right,” the governor said. “Not to just get it done, but to get it done correctly, and that is what it is about.”