More banks participating in Instant Payments Clearing and Settlement Mechanism

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Willemstad / Philipsburg – The Centrale Bank van Curaçao en Sint Maarten (CBCS) is pleased to confirm the participation of CIBC FirstCaribbean Curaçao and CIBC FirstCaribbean Sint Maarten in the Instant Payments Clearing and Settlement Mechanism (IP CSM) as of today.

This leaves only one bank in Sint Maarten to join the IP CSM. The CBCS focuses on getting this bank connected as soon as possible this year. In addition, one large credit union in Curaçao is also making the necessary preparations to join the IP CSM during this year.

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, and will expand the payment options with more efficient mobile and online P2P (person-to-person), P2B (person-to-business) and P2G (person-to-government) payments.

For more information on Instant Payments please refer to the educational video on our website https://www.centralbank.cw/functions/market-operations-payments/instantpayments/educational-material.