An upgraded real-time system of making payments to individuals, businesses and Government, which will phase out the use of cheques, is now in operation in Barbados.And the Barbados Bankers Association (BBA) has welcomed it as a step in the right direction.Minister in the Ministry of Finance and Economic Affairs Ryan Straughn said that for an extended period, financial institutions across the island had been testing the system, referred to as the Automated Clearing House (ACH), which went into operation on Monday.Addressing the Barbados Labour Party’s (BLP) St Michael West Central branch meeting on Sunday night, he said the system will improve the ease of doing business and has the potential to replace the “time-consuming” process of conducting financial transactions by cheque.“We are scheduled to launch [Monday] and, therefore, in the coming weeks and months you start to see that ‘oh, I could take up my phone and pay whoever, transfer some money to whoever, they confirm that
By Emmanuel Joseph
Barbados has been taken off the dreaded ‘grey list’ of the Organisation for Economic Cooperation and Development (OECD), but Minister of Energy and Business Development Kerrie Symmonds says the country still has much work to do to remain compliant.
In its 2023 Harmful Tax Practices Peer-Review Results on Preferential Tax Regimes released in January, the OECD listed Barbados as
The Barbados Banking Association is assuring Barbadian customers that their information is safe after several reports of security breaches associated with bank cards. This breach is said to have occurred within a “very small percentage of the customers of local banks” and the institutions have already responded to those affected. “Whether a breach is as a result of unauthorised access to a local bank’s systems or occurs when their clients …
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Oliver Jordan is the new Chairman of the Financial Services Commission (FSC) He is also a past President of the Barbados Bankers Association (TBBA) and a past…