BELMOPAN, Belize – The Central Bank of Belize says it has signed a contract with the United States-based Montran Corporation for the design and implementation of Belize’s Instant Payment System (IPS).
It said that the initiative, supported by the World Bank, marks a significant step toward the modernisation of the national payment infrastructure and advances faster, more inclusive, and more efficient domestic payments.
Central Bank Governor Kareem Michael described the IPS as a flagship initiative under the Central Bank’s decade-long payments reform agenda that began with the implementation of the Automated Payments and Securities Settlement System (APSSS) in 2016.
He said that the implementation of the IPS directly supports the Central Bank’s strategic objective to improve monetary and financial system resilience.
“This is modernisation with purpose. The Belize Instant Payment System is more than a payment platform. It is a strategic national investment in essential payments infrastructure and a commitment to resilience, inclusion, and efficiency. This system ensures that our financial infrastructure finally meets the demands of a modern economy,” Michael said.
A core pillar of this initiative is financial inclusion. The Central Bank said it is committed to ensuring that digital payments are accessible, affordable, and practical for all Belizeans. Once fully operational, the IPS will enable real-time settlement, eliminating settlement delays that currently affect business cash flows and personal transfers.
The system will offer a range of user-centric features, including Alias Identifiers that allow seamless payments using phone numbers or email addresses; QR Codes to facilitate fast and low-cost transactions for merchants and small businesses; and Request-to-Pay that provides a secure and transparent option for billing and collections.
The Central Bank said that with the contract executed, the IPS project enters an 18-month implementation phase, encompassing system development, testing, and engagement with financial institutions and other key stakeholders to support a seamless transition for the public.
“Concurrently with system implementation, the Central Bank will launch a public education campaign to promote awareness, understanding, and adoption of instant payments,” it said, adding that it “remains dedicated to the stability of our monetary and financial systems for the continued prosperity and well-being of all Belizeans”.
