Payments & Settlement

The national payment system is the network through which participating financial institutions and financial markets are connected. It includes the instruments, procedures and rules for the transfer of funds between or among participants, as well as any system or arrangement for the processing, clearing or settlement of funds. In other words,  it is the network through which an end-user, using a payment instrument, issues an instruction to pay another person or a business, through to the final settlement of the transaction. (See Figure 1) 

Figure 1: Barbados National Payments Landscape 

As part of its mission to ensure the safety and soundness of the financial system, the Central Bank of Barbados (the Bank) regulates, monitors and oversees the national payment system in the public interest. Within the Bank’s role as overseer of the national payment system, its primary objective is to ensure safety and efficiency by establishing policies and instituting procedures to monitor existing and planned systems, payment instruments and service providers; and to assess them against international standards and best practices while inducing change where necessary. Through the application of these international standards and best practices, the Bank seeks to :

1. Ensure that the infrastructure and markets for the provision of payment services work smoothly, efficiently, and fairly for all participants and users
2. Minimize and control the risk of transmitting shocks through the economy
3. Pursue the level of technological and institutional development necessary to satisfy the payment needs of a growing and open economy.

You can email us at: paymentsoversight@centralbank.org.bb