Central Bank unveils BiMPay instant payment system

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.

Central Bank Governor Dr. Kevin Greenidge. (Photo Credit: Ricardo Roberts/Barbados TODAY)

“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.”

Dr Greenidge emphasised that the ultimate goal of BiMPay is deep financial inclusion for all sectors of Barbadian society. “It’s about making payments faster, make it easier, safer, and accessible to all individuals, business clients, and communities across our nation,” he explained.

“We want to make sure that every Barbadian, whether they have a bank account or not, every vendor, every small business owner, everyone has access to the digital payment system.”

Addressing potential misconceptions about the project, the governor clarified that the Central Bank is not entering commercial competition with private institutions.

“BiMPay works through advanced institutions,” Dr Greenidge said. “Every service being offered is through your financial institution. We are not competing. We are facilitating.”

To ensure that unbanked or underbanked citizens are not excluded from the digital ecosystem, Sagicor Bank has stepped forward as the pioneer institution to streamline the onboarding process for new users. While existing commercial bank customers will see their accounts linked to the BiMPay application instantly, the bank has established a 30-minute benchmark for fresh registrations.

“Those who don’t have a bank account, obviously the bank that you want to go to doesn’t know you, and they have to put infrastructure in place to do this due diligence at a faster pace,” Dr  Greenidge explained. “We have agreed that within an hour of someone downloading an app who doesn’t have a bank account, they should be able to get access to that account and use it in 30 minutes.”

Director of Communications Noveline Brewster detailed the operational rollout schedule leading up to and following the launch. The legacy Automated Clearing House (ACH) and Real-Time Payments (RTP) platforms will go offline at 2.00 pm on June 12 to facilitate the midnight transition to the BiMPay network.

The bank will host an evening launch event featuring live demonstrations, the first official platform transaction, and the debut of a dedicated BiMPay calypso track performed by LeadPipe & Sadis. A comprehensive national media campaign will follow on Monday, June 15.

Furthermore, Brewster announced a strategic partnership aimed at protecting vulnerable demographics during the digital transition. The Central Bank has signed a memorandum of understanding with the Barbados Association of Retired Persons (BARP) to provide digital tablets and specialised hands-on training for senior citizens.

“We want you to be ambassadors of BiMPay,” Dr. Greenidge told the bank staff, encouraging them to guide the public through the technological shift. “This is important for families; it is important for all of us.”

Central Bank staffer explaining security features inside the BiMPay app. (Photo Credit: Ricardo Roberts/Barbados TODAY)

Central Bank staff deep in conversation over the country's new instant payment system. (Photo Credit: Ricardo Roberts/Barbados TODAY)

Staff at the Central Bank participate in social activity during BiMPay Unlock. (Photo Credit: Ricardo Roberts/Barbados TODAY)

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