As part of the Barbados Payments System Modernization Project, the Central Bank of Barbados (CBB) has selected Montran to design and implement the country's new Instant Payments System (IPS), a milestone in advancing financial infrastructure, speed, and inclusion for all sectors.

The IPS initiative, supported by the World Bank, is designed to enhance the efficiency and connectivity of Barbados's payment ecosystem by building on its existing strengths and accelerating its modernization. In a 2024 statement, Deputy Governor Michelle Doyle highlighted the value of this transition, noting that "instant payments would eliminate cash flow delays, especially for small businesses." The initiative reflects the Central Bank of Barbados's broader commitment to advancing regulatory, legal, and digital literacy frameworks to build a future-ready financial environment.

Montran was selected after a rigorous evaluation based on scalability and interoperability. The 24/7/365 real-time settlement system will integrate banks, credit unions, mobile providers, FinTechs, the Barbados Stock Exchange, and government platforms. With global expertise in deploying advanced security features such as Fraud Detection and QR Payments, Montran will support Barbados's digital transformation and financial inclusion goals.

"At Montran, we are proud to support the Central Bank of Barbados in this bold step toward digital transformation," said Matt Walsh, Global Sales Director at Montran. "Our IPS platform will unlock faster, safer, and more inclusive payments for all Barbadians."

Commenting on the initiative, CBB Governor Dr. Kevin Greenidge noted that the Instant Payments System represents a foundation for future innovation. "This platform will strengthen our payments network, enable real-time settlement across sectors, and enhance system transparency and resilience," he said.

For Barbadians, the go-live of the IPS marks a significant step forward in financial access and convenience, enabling real-time fund transfers around the clock, expanding access to digital payments, and reducing dependence on costly foreign payment channels. By fostering innovation and streamlining financial services, the IPS will empower small businesses, promote financial inclusion, and support the continued growth of the local economy.