The Central Bank of Belize this morning announced the launch of the Belize Instant Payments System (BIPS), scheduled to initiate in the first quarter of 2028.
BIPS aims at making financial transactions immediate, cheaper, and more secure.
It will allow individuals and businesses to send and receive funds in real time and cut any delays that currently leave transfers pending for hours or days.
Central Bank Governor Kareem Michael said that the institution has officially signed a contract with Montran Corporation to implement BIPS. “This represents a key component of the Central Bank’s broader national strategy to enhance financial system resilience, improve operational efficiency, and advance financial inclusion across Belize,” Michael said.
Michael stated that the system builds on earlier reforms, including the Automated Payment and Securities Settlement System (APSSS) introduced in 2016, which enabled electronic transfers and faster clearing processes.
The Central Bank is now calling on commercial banks to upgrade their systems to support full participation in the new platform. He added that interoperability will be key to its success.
According to Michael, domestic banks must treat the upgrade as a priority, as the system will form part of the country’s core financial infrastructure.
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