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During April to July 2024, the Central Bank of Barbados engaged in extensive discussions with financial institutions, the World Bank, and other key stakeholders to assess and enhance the local payments market an infrastructure. Following these talks, the World Bank conducted a thorough review of Barbados' legal and regulatory payments framework and evaluated the Real Time Payments (RTP) system. As a result, the Central Bank, in collaboration with the World Bank, has launched the Barbados Payments System Modernisation Project.
To advance this initiative, the Central Bank will host a World Bank Technical Assistance Mission from October 7–18, 2024. The mission will provide updates on the project’s progress and gather feedback on the next steps. Key areas of focus will include legal and regulatory support, oversight, instant payments system interoperability, payments system usage, and digital financial literacy.