How BiMPay Will Protect Your Data: Behind-the-Scenes Security You Can Trust

By now, you should have heard that the Central Bank of Barbados will introduce BiMPay, a national instant payment system that will allow you to send or receive money to and from anyone in Barbados on a 24/7/365 basis, with the recipient having immediate access to their funds.

You might also have heard that BiMPay will use multifactor authentication, encryption, and fraud detection systems to ensure that your transactions are secure. The system also allows users to create aliases, or proxy identifiers, rather than having to share sensitive account information when someone wants to send you money. Plus, both parties get immediate confirmation, so you’ll always know when there’s a transaction involving your account. 

All of this means you’re covered on the front end. But what about the back end? You might be wondering, “Will my information be secure?”

The answer is yes. BiMPay has been designed with multiple layers of protection, both technical and organisational, to keep your data safe, including from unauthorised internal access.

Here’s how the system will safeguard your personal and financial information behind the scenes.

Strict Access Controls

Only a limited number of authorised personnel will have access to your data, and even then, they will only have the specific information needed to perform their job. These controls help ensure that sensitive information is not seen or handled by the wrong people.

Separation of Duties

To prevent misuse of access, the system enforces clear segregation of responsibilities. No single individual has full access to sensitive data and systems. Instead, tasks are divided among different roles, creating built-in checks and balances that help reduce risk.

Dual Control (Dual Custody)

Certain critical actions, such as accessing system logs or making administrative changes, require approval from more than one authorised person. This dual control mechanism protects against unauthorised activity, including insider threats, by ensuring that no one has full control.

Audit Trails and Monitoring

Every access and activity in the system’s environment is logged for auditing purposes. These logs are routinely reviewed to detect suspicious activity. If a staff member attempts to access information inappropriately, the system will flag it, ensuring accountability at every level.

Compliance with Data Protection Regulations

BiMPay will operate in line with data privacy laws and standards. All participating institutions are required to adhere to local and international data protection frameworks and are subject to oversight by the Central Bank of Barbados.

Ongoing Oversight and Risk Management

The Central Bank, along with participating financial institutions, will conduct regular reviews and risk assessments to ensure that security controls remain effective and up to date. These evaluations help the system adapt to evolving cyber and operational threats.

Together, these measures ensure that BiMPay is not only fast and convenient, but also secure and trustworthy. Your data will be handled with the highest level of care, giving you confidence that your privacy is protected, whether you’re sending money or paying a bill.

BiMPay is more than a payment solution. It’s a secure foundation for the future of financial services in Barbados.

Have a question about BiMPay? Pose it here.