Barbados raises the bar for financial inclusivity with BIM Pay

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Barbadian Central Bank Governor Dr. Kevin Greenidge assures that no citizens will be left behind in Barbados’ digital transformation of its financial sector, as final measures are put in place for the upcoming rollout of BIM Pay.

The new national platform is an initiative of the Central Bank of Barbados (CBB) that aims to provide Barbadians with a more secure and seamless digital payment system for daily transactions in an era when most transactions now happen online.

Slated to launch on March 31, BIM Pay will play a critical role in the country’s effort to onboard more individuals into digital finance, especially unbanked citizens, with CBB mapping out the necessary steps needed to help them get on board.

The central bank had taken into account unbanked citizens’ limited exposure to traditional finance (TradFi) during the construction of BIM Pay, reducing barriers to entry by providing them a custodian to help them operate the digital wallet. This custodian could either be a licensed financial institution or a payment service provider (PSP).

“You have to then identify which institution you want to link that e-wallet to for the purpose of having it active,” said CBB Deputy Governor Michelle Doyle.

For users with existing bank accounts, a valid mobile number and email address are needed to set up their BIM Pay.

Currently, BIM Pay is in its final pilot phase, with the CBB testing all possible transaction scenarios to ensure a smooth rollout by the end of the month.

“We cannot, and they will not, launch on March 31 unless they have a high degree of confidence. However, at this moment, I am certain, beyond a shadow of a doubt, that we will make our March 31 date, and when we do launch, we will be ready,” the central bank governor said.

Reinforcing cyber resilience

While BIM Pay marks a significant progress in Barbados’ digitalization, Dr. Greenidge said that the new system isn’t merely a “fancy” tech upgrade but a robust evolution of the sector, especially in today’s time, where bad actors and their methods are advancing at the same pace as technology.

“We have spent quite a bit of resources improving in that area. So the system itself is even more secure than it was before. Health and safety of the financial system is our number one responsibility… it’s part of our mandate, and we don’t take it lightly,” he said.

The CBB is reported to be utilizing artificial intelligence (AI) and encryption for BIM Pay’s security. Additionally, it has established a Simplified Due Diligence framework to streamline the app’s Know Your Customer (KYC) process, with financial institutions given only a 30-minute window to validate user-submitted data.

“Obviously, it’s an automated process in many respects,” said Doyle. “It’s only if the institution deems that there is an issue with the data that you have submitted that then that particular wallet may be flagged for further review.”

Doyle said such a method would give CBB’s cybersecurity measures for BIM Pay a boost, allowing it to rapidly flag down bad actors and fraudulent activities in the system.

While advanced technology plays a critical role in heightening cybersecurity, CBB emphasizes users’ responsibility in securing their BIM Pay accounts. This includes enabling two-factor authentication for their passwords and refraining from sharing personal information with others. Both of these practices are being taught through the central bank’s newly launched educational program on cyber threats.

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Source: https://coingeek.com/barbados-raises-the-bar-for-financial-inclusivity-with-bim-pay/