The Central Bank of Barbados (CBB) has selected Montran to develop and launch the country’s new Instant Payment System (IPS), as part of the Barbados Payments System Modernization Project.

This project is supported by the World Bank and aims at enhancing financial infrastructure, speed, and inclusion across various sectors. The IPS initiative seeks to improve the efficiency of Barbados’ payment ecosystem through modernisation efforts.

Barbados Financial System Modernization

Montran provides payment and capital market infrastructure solutions for financial institutions with operations in over 90 countries worldwide. The CBB’s mission is to ensure monetary stability, promote sound financial institutions, and foster economic development through its responsibilities of issuing currency, managing foreign reserves, and regulating the financial sector.

The CBB states that the project underscores its dedication to advancing regulatory and digital literacy frameworks to create an optimal financial environment. After thorough evaluation based on interoperability and scalability, Montran was chosen due to its experience in implementing fraud detection systems, QR payments, and other security measures, which will support Barbados’ digital transformation goals.

Montran aims to use the IPS platform to facilitate faster, safer, and more inclusive payment experiences for Barbadians. The CBB notes that this initiative serves as a foundation for future developments, aiming to strengthen the country’s payments network, enable real-time settlements across multiple sectors, and enhance system resilience.

The IPS initiative is expected to bring financial accessibility and convenience to Barbados citizens by allowing real-time fund transfers at any time and place. This expansion of digital payment access aims to reduce reliance on expensive foreign payment channels. The new platform will support small and medium-sized enterprises (SMEs), promote inclusion, and contribute to the continued economic growth of Barbados through innovation and improved financial services.