The Central Bank of Barbados (CBB) has chosen Montran to create and implement the country’s new Instant Payment System (IPS).
The move is part of the Barbados Payments System Modernization Project, which aims to advance financial infrastructure, speed, and inclusion for all sectors. Supported by the World Bank, the IPS initiative is designed to improve the efficiency of Barbados’ payment ecosystem by accelerating modernisation.
Financial system modernisation in Barbados
Montran is a provider of payment and capital market infrastructure solutions, operating for financial institutions with installations and operations in over 90 countries. CBB aims to promote monetary stability, sound financial institutions, and economic development, being responsible for issuing currency, managing foreign reserves, and regulating the financial system.
The CBB mentions that the project reflects its commitment to advancing regulatory and digital literacy frameworks to build an optimised financial landscape. Montran was thus selected for this purpose after a proper evaluation based on interoperability and scalability. Its 24/7/365 real-time settlement system will be integrated with banks, credit unions, mobile providers, fintechs, and government platforms. The company’s global experience and reach in deploying fraud detection, QR payments, and other security features enable it to support the country’s digital transformation goals.
Montran aims to use its IPS platform to enable faster, safer, and more inclusive payments for Barbadians. CBB notes that the initiative represents a base for future developments, strengthening its payments network, allowing for real-time settlement across multiple sectors, and optimising system resilience.
For Barbados citizens, the IPS initiative marks a step towards financial accessibility and convenience, allowing for real-time fund transfers anytime, anywhere. This expands access to digital payments and reduces reliance on costly foreign payment channels. The IPO will support SMEs, promote inclusion, and support the continued growth of the local economy by fostering innovation and improving financial services in the country.
