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Have you heard about BiMPay, the national instant payment system the Central Bank of Barbados will introduce in March 2026? The new system will make it possible for you to send and receive payments to and from anyone in Barbados 24 hours a day, seven days a week, 365 days a year. If you’re familiar with other instant payments, you are probably also familiar with terms like payment service provider, mobile wallets, and request to pay, which we covered in part one of this two-part article.
In this follow-up, we’re diving a little deeper to break down some additional terms that show what makes instant payments secure, user-friendly, and safe. Here are some more instant payment terms explained.
An alias is exactly what you’re thinking – a nickname. In an instant payments system, it’s a friendly stand-in for your account details. Instead of handing over complex, sensitive information such as your account number, financial institution, and even branch code, you just share an easy-to-remember tag such as your phone number or email address.
Businesses can also use QR codes as their alias. You’re probably familiar with this square-shaped code that takes you to more information. In this case, it can hold their payment details so someone can scan it and pay them instantly.
Say you own a small shop. You can place a QR code by your cash register. A customer scans it with their banking app and sends payment on the spot. Both they and you will get instant confirmation of the transaction.
Aliases make payments simpler. They cut down on errors from typing complex account numbers and keep your actual banking details private, making payments more straightforward and secure.
Multifactor authentication, or MFA, is a double-check on who you are. Instead of requiring one form of verification, the system requires you to pass multiple checks. This could be some combination of a password, PIN, biometrics (such as a retina or fingerprint scan), or a one-time code sent to your phone. A familiar example is logging in to your online banking: you enter your password and then get a six-digit code via text that you must type in before you can access your account.
Sure, having to go through more than one verification point can feel like a bother, but that extra step helps keep your money safe. If someone guesses your password, they still can’t access your funds without the second level of authentication. In short, MFA adds what might feel like a small inconvenience now but could prevent a big headache later.
It adds an extra layer of protection for your hard-earned money.
Like many instant payment systems, BiMPay will have built-in tools and processes that help detect suspicious activity. These include AI-powered monitoring that reviews every transaction in real time, analysing patterns such as frequency, location, amount, and the device you use. If something looks out of character for you, such as a large late-night transfer from an unfamiliar phone in eastern Europe, the system can pause or block the transaction. Because of the way the system works, it’s possible that a legitimate transaction you make from an unusual location or for an unusual amount could be rejected, but isn’t that preferable to a criminal illegally accessing your money and transferring it out of your account?
This type of fraud detection allows the system to counter threats in real time rather than react to them after an incident occurs. Even though instant payments happen in seconds, fraud detection tools watch for anything out of the ordinary and stepping in when needed.
What we’ve explained above are just a few of the features that make instant payments like BiMPay secure, simple, and convenient. As we get closer to the launch, understanding how the system works will help you make the most of it – whether you're sending money to a friend, paying a business, or accepting payments.
Want to learn more? Visit our glossary to explore additional terms and deepen your understanding of how BiMPay and other instant payment systems work.
Have a question about BiMPay? Pose it here.