Aliases in Instant Payments Explained

Quick! What’s your bank account number? Do you remember it off the top of your head? How about your bank’s branch code? And even if you did, do you really want to share it with someone you don’t really know?

Traditional e-banking usually requires you to provide or request financial information that isn’t intuitive and that you might not be comfortable exchanging with an employer, a business, or anyone you don’t have a close connection with. However, with the advent of instant payment systems such as BiMPay, which the Central Bank of Barbados will introduce in 2026, you can send and receive money not only quickly, but also without either party having to divulge sensitive financial information. That’s because these systems allow users to make transactions using aliases.

What is an Alias?

You’re no doubt already familiar with the concept of an alias. When you were in secondary school, maybe you knew a boy whose nickname was “Tall Man” or “Kenyan,” and 10 or even 20 years later, that’s how everyone still refers to him. Or, perhaps, when you were growing up, there was a woman in your neighbourhood whom everyone called “Daisy,” and it was only in later years that you realised her name was actually something completely different, like “Lavinia Lenora.” Both of these are examples of aliases – a name that functions as a stand-in for the real name.

Aliases in instant payments work the same way. In this case, the alias – also known as a proxy identifier – functions as a stand-in for your account information. 

What Can I Use as an Alias?

Unlike nicknames, aliases for instant payment systems need to be unique. At the same time, the idea is for them to be simple and easy-to-remember. For that reason, email addresses and mobile numbers are good options. Another option, particularly for businesses, is to use QR codes, which allow clients to simply scan and pay.

How Do Aliases Work?

As we mentioned above, aliases in instant payment systems serve as proxies, allowing users to send and receive payments without exchanging banking details. When BiMPay goes live, you’ll be able to set up an alias, which will be linked to your account. 

The information linking your alias and your banking information will be stored in a proxy management system, which is a secure centralised directory that maps aliases to account information. The Central Bank, as owner and operator of the national instant payment system, will manage this directory, with commercial banks, other financial institutions, and payment service providers having limited access in order to be able to settle transactions. 

When someone executes a transfer involving an alias, the system gets to work in the background, verifying the account the alias is linked to and lodging the money to that account. Your banking details will never be disclosed to the person sending you the money.

What is the Benefit of Using an Alias?

Given all we’ve said above, the main advantage of setting up and using an alias is clear: privacy and security. 

There’s a second one as well, which we alluded to at the beginning of this article. Most of us don’t memorise our account number. But we do know our phone number and email address, which makes them easy to share with someone who needs to send you money.

Aliases, like so many other aspects of instant payments, increase the convenience, speed, and security with which we make transactions and handle our financial affairs. Look out for BiMPay in early 2026, and be sure to set up your alias to make it even more easy to use. 

Have a question about BiMPay? Pose it here.