Good news for CIBC FirstCaribbean customers in Barbados.
They can now instantly transfer money to customers of other banks and the two major credit unions in Barbados.
In a release, CIBC FirstCaribbean says the cash will hit the recipient’s account in three minutes or less.
The Bank says Phase Two of the Barbados Real Time Payments system officially launched on Monday February 13, 2023, bringing onboard Royal Bank of Canada, Scotiabank Barbados Ltd and First Citizens Bank along with Barbados Public Workers Cooperative Credit Union and City of Bridgetown Credit Union. Those financial institutions follow FirstCaribbean International Bank Limited, Republic Bank Limited and the Central Bank of Barbados which signed on to the system during Phase One, in November 2021.
CIBC FirstCaribbean’s Managing Director, Barbados Operating Company, Donna Wellington has welcomed the participation of the other commercial banks and two major credit unions, noting it benefits individuals as well as businesses.
She says the instant payments system provides more choices for Barbadian consumers and businesses to send and receive domestic payments.
Barbados Real Time Payments is an initiative of the Central Bank of Barbados and the participating banks and credit unions using the Automated Clearing House (ACH) channels.
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