Barbadians will soon be able to send and receive money within seconds, as the Central Bank of Barbados prepares to launch its national instant payment system (IPS).

The Bank will officially introduce the platform – including its name, logo and public education campaign – at a formal event on Tuesday, August 12 at 11 a.m.

Set to go live in 2026, the IPS is expected to significantly modernise the country’s payments ecosystem. Once operational, individuals, businesses, and Government will be able to transfer funds in under 10 seconds, with immediate access to the money on receipt.

The Central Bank said the system will also be fully interoperable, eliminating the longstanding restriction that limited instant transfers to customers of the same financial institution. Officials say the move will support greater financial inclusion.

“We want to make financial services accessible to every Barbadian, regardless of whether they hold an account with a traditional bank or credit union,” said Novaline Brewster, Director of Communications, Information and Outreach at the Bank.

“This instant payment system will transform how payments are made in Barbados through its speed, inclusivity, and 24/7 availability.”

The launch event will also feature a high-level panel discussion including Central Bank Governor Dr. Kevin Greenidge, Deputy Governor Michelle Doyle, Shimon McIntosh, President of the Barbados Bankers Association, and Nicholas Smith, Senior Financial Sector Specialist at the World Bank.

The IPS is a core component of the Central Bank’s broader push to modernise Barbados’ payments landscape, in line with its strategic goal of promoting financial stability.

The post Instant payments system to be unveiled appeared first on nationnews.com.