Central Bank Introduces New Instant Payment System for Belize | PT 2

In outlining the evolution of the system, Michael explained that the IPS builds on years of groundwork dating back to 2016, when the APSSS was first introduced as an automated clearing house to facilitate electronic fund transfers, cheque clearing, and improved settlement efficiency. He noted that the system was expanded in 2023 to include credit unions and further upgraded in 2025 to increase capacity.  The IPS, he said, represents the next phase.  Governor Michael also acknowledged the World Bank as a key partner in the initiative, referring to the institution as a “big brother” in guiding the project. He emphasized that local banks must now prepare to upgrade their own systems to integrate smoothly with the IPS infrastructure.  Meanwhile, World Bank representative Federico Baechli echoed the benefits of the system, highlighting its potential to improve the ease of doing business in Belize and commending the country for taking this step toward modern financial services.

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