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Central Bank of Barbados Governor Dr., The Most Honourable Kevin Greenidge, F.B. outlines the costs associated with developing the BiMPay rail – the underlying infrastructure that facilitates interbank transactions between Barbados’ six commercial banks and the three largest credit unions – and the accompanying BiMPay e-wallet.
With BiMPay, Barbados’ new national instant payment system, transfers are completed within 10 seconds and recipients have immediate access to their funds. Transactions are free to individuals and small businesses earning less than $10,000 per day.