The Centrale Bank van Curaçao en Sint Maarten contracts equensWorldline to switch to Instant Payments

Friday 13 March 2020 12:27 CET | News

The Centrale Bank van Curaçao en Sint Maarten (CBCS) has contracted equensWorldline, the European provider of payments and transactional services, to introduce an Instant Payments (IP) CSM on top of their current clearing & settlement system. 

This means that all interbank payments in Curaçao, Sint Maarten and Bonaire will soon be processed within ten seconds - 24 hours a day, 365 days per year. The Instant Payment transactions will be handled in Antillean Guilders and US Dollars. This makes the CBCS one of the first institutions to use a direct dual currency system and to process dollars instantly. The IP CSM will be fully compliant with international standards and ISO20022. The contract with equensWorldline will initially be for a period of five years.

Phase 1, in which the basic infrastructure will be built, is just the beginning of the implementation of Instant Payments on the islands. The CBCS wants to further develop Instant Payments and has already designed phase 2 together with equensWordline.

Phase 2 is aimed at expanding online and in-store Instant Payments with P2P (person-to-person), P2B (person-to-business) and P2G (person-to-government) payments.

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Keywords: The Centrale Bank van Curaçao en Sint Maarten, equensWorldline, instant payments, payments
Categories: Banking & Fintech
Countries: Brazil
This article is part of category

Banking & Fintech