Successful implementation first stage Instant Payments

1087

 

WILLEMSTAD/PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) can look back on a successful implementation of the first stage of the Instant Payments Clearing and Settlement Mechanism (IP-CSM). All interbank payments in and between Curaçao and Sint Maarten as well as interbank payments between banks in Bonaire will now be processed within a few seconds, 24 hours a day, 365 days a year.

As per January 15, 2022, the following financial institutions participate in the system:

Orco Bank NV (Curaçao, Sint Maarten & Bonaire)
PSB Bank NV (Curaçao)
Maduro & Curiel’s Bank NV (Curaçao & Bonaire)
Windward Island Bank NV (Sint Maarten)
Banco di Caribe N.V. (Curaçao, Sint Maarten & Bonaire)
RBC Royal Bank N.V. (Curaçao, Sint Maarten & Bonaire)

CBCS now aims to get the other commercial banks connected to the IP-CSM as soon as possible during this year.

Furthermore, the CBCS, in collaboration with the local banks, will further develop the IP-CSM as to process transactions between Bonaire and Curaçao/Sint Maarten within seconds per June 2022, and will expand the payment options on all islands to more efficient mobile and online P2P (person-to-person), P2B (person-to-business), P2G (person-to-government) and in-store payments as of 2023.