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The Central Bank of Barbados is taking a significant step in modernising the nation’s payment infrastructure with the issuance of a Request for Proposal (RFP) for the design, supply, installation, and support of a national Instant Payments System (IPS).
Building on its collaboration with the World Bank announced in October 2024, the Bank’s Barbados Payments System Modernisation Project aims to enhance financial accessibility by enabling real-time transactions for all Barbadians, regardless of their banking provider.
“This is a major milestone in our ongoing work to ensure that Barbadians are able to make and receive payments quickly and efficiently,” said Deputy Governor Michelle Doyle. “An instant payments system at the national level will ensure that individuals and businesses can send and receive funds instantly, reducing cash flow delays, especially for small businesses.”
The project is expected to be implemented over an 18-month timeline, during which the Central Bank will also roll-out a comprehensive public education campaign to promote awareness and adoption of instant payments.
Interested vendors can review the RFP Notice and obtain the full RFP document by emailing IPSEvaluation@centralbank.org.bb with the subject line “Expression of Interest.” All proposals must include a proposal security of US$25,000. Proposals are to be submitted on or before March 17, 2025 at 4:00 p.m. EST. Late proposals will be rejected.