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Centrale Bank van Curaçao en Sint Maarten, local banks and Worldline join forces to facilitate Instant Payments.

~Partnership provides major step forward for Instant Payments in the Caribbean region~

Willemstad/ Philipsburg:--- The Centrale Bank van Curaçao en Sint Maarten (CBCS), in close collaboration with Worldline and the local commercial banks, has implemented the basic infrastructure for Instant Payments (IP). As a result as of 15 January 2022, all interbank payments in and between Curaçao and Sint Maarten will now be processed within a few seconds, 24 hours a day, and 365 days per year. This will also be the case for interbank payments between banks in Bonaire. With the exception of two local commercial banks, which will join later in 2022, all banks in Curaçao, Sint Maarten, and Bonaire are participating in the IP CSM. The IP CSM, developed by Worldline, fully complies with international standards and ISO 20022.
With the introduction of the Instant Payments CSM, the CBCS is one of the first financial institutions to make use of a dual currency system for Instant Payments. This means that now interbank transactions made with both Netherlands Antillean guilders and US-dollars are processed within just a few seconds, 24 hours a day, 365 days per year.
Looking to the future, partnership with all local banks
Implementing the basic infrastructure for IP CSM is only the first step for the CBCS. In collaboration with the local commercial banks and Worldline, additional technological possibilities are being developed. After Instant Payments are available to all bank customers on the islands, the CBCS will expand the payment options to more efficient mobile and online P2P (person-to-person), P2B (person-to-business), P2G (person-to-government), and in-store payments. The involvement of other stakeholders in the financial sector will be considered in this context. Later the infrastructure will be connected to IP payment ecosystems in other currencies, such as Aruba and the Netherlands.
Leila Matroos, executive director of the Centrale Bank van Curaçao en Sint Maarten: "The introduction of Instant Payments is the result of our ambition to modernise the technological infrastructure, and to stimulate economic development in Curaçao and Sint Maarten. This way, we are better prepared for the future, and for the countless developments in the world of payments. By working together with an experienced IP processor from the Eurozone, we can easily connect to other countries at a later stage.”
“The implementation by the Centrale Bank van Curaçao en Sint Maarten is a logical next step after the earlier introduction of Instant Payments by the Central Bank of Aruba. Instant Payments is on its way to becoming the new global payment standard. In this global context, the processing of Instant Payments for different currencies at the same time proves Worldline´s strong ability and ambition to be one of the leading global service providers for payments processing”, says Michael Steinbach, Managing Director Financial Services at Worldline. “That is why we continue to support the CBCS with their essential route towards 24/7/365 payments. Being the largest IP processor in the Eurozone, we are therefore very proud to work with the CBCS on this implementation and further expansion.”
Willemstad, January 12, 2022

FINSO having problems opening bank accounts on St. Maarten ---Ottley.

~ Official transfer from INSO to FINSO only finalized two months ago~

smmcconstructionsite15062020PHILIPSBURG:--- Minister of Health Omar Ottley said on Wednesday that he conducted some investigations to see what exactly was the problem with FINSO and the banks on St. Maarten. Ottley said that the transfer from INSO to FINSO was only completed two months ago. He said that the company has been trying to open a bank account on St. Maarten because they can no longer use the accounts belonging to INSO and this process is taking more time than necessary.
Ottley said the situation with FINSO and the New General Hospital Project is a point of concern and does have his attention and a meeting was held on Tuesday to deal with the current situation. He said because FINSO does not have an account set up they are unable to make large transfers to their contractors.
Ottley said he has been assured by the St. Maarten Medical Center and also provided with proof that the company is not in financial jeopardy and that they are having issues opening a bank account. The Minister explained that several Members of Parliament highlighted this issue and how it’s affecting the community.
The Minister it is expected that the issues regarding the bank account should be regulated within the next two weeks.
Asked by SMN News how long the New General Hospital project started and why only now the new company began the process to set up bank accounts. The Minister said the project was delayed due to the COVID-19 pandemic but they are on the right trajectory. He explained that were changes with the parent company in Italy and only now the company change finalized.


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