The Central Bank of Barbados (CBB) has published a new comprehensive regulatory guidance, which it says is designed to strengthen oversight of the national payment system and provide clarity for payment service providers (PSPs) operating in Barbados.
The CBB has released three key documents on its website that establish a transparent regulatory environment for payment service providers.
It said that the Oversight Policy Framework outlines the bank’s commitment to ensuring optimal payment system services that support economic growth and financial stability across and that the Licensing and Authorisation Framework provides clear guidelines for payment service providers seeking to operate in the Barbadian market, while the Supervisory Framework details ongoing supervision requirements.
The CBB said that under the Compliance Requirements and Timeline of the National Payment System Act (NPSA), all relevant entities must now submit a formal compliance programme to the Central Bank within three months of this announcement.
It said that this programme must demonstrate how the organisation will achieve full NPSA compliance within six months, including licensing applications where required.
“These frameworks represent our commitment to fostering a robust and innovative payment ecosystem in Barbados,” the CBB said, adding “we want to ensure that payment service providers have the clarity and guidance they need to operate effectively while maintaining the highest standards of consumer protection and system integrity. The Bank therefore encourages all PSPs to review the documents carefully”.
The Central Bank said that it recognises that implementing these new requirements may raise questions for payment service providers and are encouraging PSPs to contact the bank for guidance and support throughout the compliance process. (CMC)