We’ve been sounding the alarm for months now, scammers flashing fake screenshots of bank transfers, business owners handing over goods, and later realizing no money ever hit their accounts. Those scams thrive on one thing, delays in the banking system. But help may finally be on the way. The Central Bank of Belize says it’s rolling out a new Instant Payments System aimed at speeding up transactions and shutting the door on digital payment fraud. News Five’s Shane Williams breaks down what this could mean for consumers and businesses alike.
Shane Williams Reporting…
That familiar ping, “payment sent”, used to mean business as usual. Now, for many Belizean shop owners, it’s a warning sign. Too often, that message comes with a polished screenshot of a bank transfer, just convincing enough to hand over goods. Hours later, the truth hits, the money never landed. Scammers have been thriving in the gap between “sent” and “received.” But that gap may be closing fast. The Central Bank of Belize is rolling out a new Instant Payment System that promises to move money in real time, no waiting, no guessing, no overnight delays. The aim is faster transactions, fewer excuses, and far less room for fraud, with payments available twenty-four hours a day, seven days a week. If it works as promised, the days of trusting screenshots over actual deposits could soon be over.
Kareem Michael
Kareem Michael, Governor, Central Bank of Belize
“Digital payments operate largely within banking hours with same day processing, dependent on settlement windows. Many in the public don’t realize this, but there, there are different windows, nine to ten-thirty, and then after that eleven to twelve, where you process your EFT and your IFT and then checks comes afterwards. If you try put in a payment at three o’clock, that won’t be processed until the next day – next day to finality. Not ideal. So what IPS will deliver is payments twenty-four hours a day, seven days a week, 365 days a year, allowing money to move when the economy moves, not just when the banks are open”
The system is expected to process transactions in seconds, giving both customers and businesses immediate confirmation.
Kareem Michael
“What our target is that process it, these transactions will be processed and settled typically in ten seconds or less. It is like sending a WhatsApp message.”
Beyond speed, the platform will also connect banks, credit unions, and digital wallets, creating a single, interoperable payment network.
Kareem Michael
“IPS, the fast payment system will connect banks, credit unions, and digital wallets into one shared payment system, allowing money to move easily and instantly between individuals, businesses, regardless of the provider.”
To deliver the system, the Central Bank has partnered with Montran Financial Services, an international firm with decades of experience implementing payment systems around the world. Its director says Belize is getting a modern, secure and flexible solution.
Matt Walsh
Matt Walsh, Global Sales Director, Montran Financial Services
“We are currently serving, I would say, almost a hundred countries now at the central bank level in terms of RTGS’s or ACH or instant payments. So there really isn’t too much we haven’t seen these days when it comes to requirements or ecosystems in terms of interoperability and things like that..”
The platform is built to global standards and can adapt to Belize’s specific needs.
Matt Walsh
“ The solutions and the products that are currently running here at the Central Bank, but also the commonalities of the instant payments that will be rolled out. All of our solutions are customizable, very flexible in terms of scaling them and implementing the exact requirements. They’re all of course modern and built on the latest standards and technology. All of our solutions, of course, are multicurrency, multi-institutional and multilingual. So that could be accommodated and we have references all over the world.”
For everyday users, the changes are small, but powerful. Think QR code payments and instant confirmations that cut out guesswork and shut down fraud. The Central Bank says the Instant Payments System will close the loopholes scammers exploit and bring Belize in step with global banking standards. Shane Williams for News Five.
Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.
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