⚡️ Dominican Republic🇩🇴: Central Bank to introduce a new instant payment system

⚡️ Dominican Republic🇩🇴: Central Bank to introduce a new instant payment system

The Central Bank of the Dominican Republic (BCRD) is developing a new instant payment platform known as SGPI, which will replace the current payment system operating on a Real-Time Gross Settlement (RTGS) infrastructure.

The new solution will allow the separation of instant retail payments from the infrastructure primarily used for high-value interbank transactions, improving the efficiency, scalability, and flexibility of the country’s payment ecosystem.

➡️ The project is being developed in partnership with Swedish technology company CMA Small Systems 🇸🇪, which specializes in digital solutions for payment and financial market infrastructures.

➡️ SGPI is expected to process and settle transactions in 10 seconds or less.

➡️ The platform will operate 24/7 and provide immediate confirmation to both the sender and the recipient.

➡️ SGPI will expand interoperability among banks, savings and credit associations, and other payment service providers.

➡️ Outlook: the new infrastructure is expected to shift competition toward user experience, security, broader use cases, and value-added financial services.

#news #DominicanRepublic #P2P #SGPI

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