Centrale Bank van Curaçao en Sint Maarten implements instant payments

Source: Worldline

The Centrale Bank van Curaçao en Sint Maarten (CBCS), in close collaboration with Worldline [Euronext: WLN] and the local commercial banks, has implemented the basic infrastructure for Instant Payments (IP).

As a result as of 15 January 2022, all interbank payments in and between Curaçao and Sint Maarten and in Bonaire will now be processed within ten seconds, 24 hours a day and 365 days per year. With the exception of two local commercial banks, which will join later in 2022, all banks in Curaçao, Sint Maarten and Bonaire are participating in the IP CSM. The IP CSM, developed by Worldline, fully complies with international standards and ISO 20022.

With the introduction of the Instant Payments CSM, the CBCS is one of the first financial institutions to make use of a dual currency system for Instant Payments. This means that now interbank transactions made with both Netherlands Antillean guilders and United States of America US-dollar ($) are processed within just a few seconds, 24 hours a day, 365 days per year.

Looking to the future, partnership with all local banks
Implementing the infrastructure for IP CSM is only the first step for the CBCS. In collaboration with the local commercial banks and Worldline, additional technological possibilities are being developed. After Instant Payments are available to all bank customers on the islands, the CBCS will expand the payment options to more efficient mobile and on-line P2P (person-to-person), P2B (person-to-business), P2G (person-to-government) and in-store payments. The involvement of other stakeholders in the financial sector will be considered in this context. Later the infrastructure will be connected to IP payment ecosystems in other currencies, such as Aruba and the Netherlands.

Leila Matroos, executive director of the Centrale Bank van Curaçao en Sint Maarten: “The introduction of Instant Payments is the result of our ambition to modernize the technological infrastructure, and to stimulate economic development in Curaçao and Sint Maarten. This way, we are better prepared for the future, and for the countless
developments in the world of payments. By working together with an experienced IP processor from the Eurozone, we can easily connect to other countries at a later stage.”

“The implementation by the Centrale Bank van Curaçao en Sint Maarten is a logical next step after the earlier introduction of Instant Payments by the Central Bank of Aruba. Instant Payments is on its way to becoming the new global payment standard. In this global context, the processing of Instant Payments for different currencies at the same time proves Worldline´s strong ability and ambition to be one of the leading global service providers for payments processing”, says Michael Steinbach, Managing Director Financial Services at Worldline. “That is why we continue to support the CBCS with their essential route towards 24/7/365 payments. Being the largest IP processor in the Eurozone, we are therefore very proud to work with the CBCS on this implementation and further expansion.”