Centrale Bank van Curaçao en Sint Maarten and Worldline enable instant payments

Thursday 13 January 2022 12:58 CET | News

The central bank of Curacao and Saint Martin (CBCS) has partnered with payment service provider Worldline to implement infrastructure for instant payments.

As a result as of 15 January 2022, all interbank payments in and between CuraCao, Saint Martin, and in Bonaire will now be processed within ten seconds, 24 hours a day and 365 days per year. With the exception of two local commercial banks, which will join later in 2022, all banks in Curacao, Saint Martin, and Bonaire are participating in the IP CSM. The IP CSM, developed by Worldline, fully complies with international standards and ISO 20022.

With the introduction of the Instant Payments CSM, the CBCS is one of the first financial institutions to make use of a dual currency system for instant payments. This means that now, interbank transactions made with both Netherlands Antillean guilders and United States of America USD are processed within just a few seconds, 24 hours a day, 365 days per year.

Implementing the infrastructure for IP CSM is the first step for the CBCS. In collaboration with the local commercial banks and Worldline, additional technological possibilities are being developed. After instant payments are available to all bank customers on the islands, the CBCS will expand the payment options to more efficient mobile and online P2P, P2B, P2G, and in-store payments.

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Keywords: Worldline, instant payments, central bank, P2P payments, online payments
Categories: Payments & Commerce
Countries: Central America
This article is part of category

Payments & Commerce