The Central Bank of Barbados has announced a strategic delay in the nationwide implementation of its revolutionary digital payment system, BimPay. Originally scheduled for March 31, the launch has been rescheduled for June 12 to accommodate comprehensive interoperability testing across all participating financial entities.
Central Bank Governor Dr. Kevin Greenidge confirmed the timeline adjustment during a press briefing at the Courtney Blackman Grand Salle, emphasizing that the decision emerged from collaborative consultations with commercial banks, credit unions, the Accountant General’s Department, and the Barbados Stock Exchange. “After careful assessment and consensus among all stakeholders, we determined that June 12 provides the necessary window to complete all testing protocols and guarantee optimal system performance,” Dr. Greenidge stated.
BimPay represents a monumental upgrade from the existing Barbados Automated Clearing House (BASHI), introducing 24/7 transaction processing capabilities alongside innovative features including instant interbank transfers, QR code payment functionality, and a digital wallet accessible to both banked and unbanked populations. Governor Greenidge clarified that the postponement does not reflect any deficiencies in the central bank’s infrastructure but rather the necessity for seamless integration across all participating institutions.
“The core system is fully developed and secure,” Dr. Greenidge affirmed. “What remains is the critical final phase where each institution must connect to the new national payment rail and undergo rigorous testing before processing live transactions.”
The central bank has established stringent monitoring mechanisms and binding milestones to ensure adherence to the revised timeline. Deputy Governor Michelle Doyle, serving as executive project sponsor, expressed confidence in the revised launch date, citing structured support systems and information-sharing frameworks designed to facilitate institutional readiness.
Notably, existing electronic payment services will continue uninterrupted during the transition period, with BASHI remaining operational until the June 12 cutover. The project remains within budgetary constraints, fully funded by the Central Bank to strengthen national financial infrastructure.
Beyond domestic convenience, BimPay is envisioned as the foundational platform for future integration with the Caribbean Payment System (CPACS), potentially revolutionizing regional trade by enabling direct transactions in national currencies and reducing dependency on US dollar intermediation.
Governor Greenidge concluded with a reaffirmation of commitment to system integrity: “Our primary mandate is safeguarding financial system stability. This measured approach ensures we launch not merely on time, but with absolute confidence in system reliability.”