SANTO DOMINGO.- The way payments are made in the Dominican Republic is undergoing a transformation towards a more immediate and digital model, driven by a new platform being developed by the Central Bank of the Dominican Republic.
According to information provided by the entity, this solution will allow the integration and processing of retail payments that are currently managed through the instant payment service, marking a step towards a more agile system within the national financial ecosystem.
A platform to centralize and streamline payments
According to the governor of the regulatory body, Héctor Valdez Albizu, the initiative is being developed in conjunction with the technology company CMA Small Systems and a multidisciplinary team from the bank, as part of the efforts to modernize the payments infrastructure.
The system will operate on a new platform that will process retail transactions linked to the Instant Payments service, currently channeled through the Real-Time Gross Settlement (RTGS) system.
Country goal: consolidated instant payments
According to the monetary authority, the project is being developed in coordination with entities in the financial system, with the aim of having the instant payment scheme fully consolidated in the country in the short term.
According to the Central Bank, this goal coincides with the institutional projection for 2027, when the entity will commemorate its 80th anniversary, thus marking a milestone in the modernization of the national payments system.
More speed, less friction
According to the organization, the advance of digitalization has driven greater interconnection between users and financial entities, favoring the development of more accessible, modern and secure means of payment.
In this context, he emphasized that immediacy is positioned as a key element, allowing for faster transactions, saving time and resources for users.
A regional debate on digital payments
The impetus for this initiative was presented during the "II Instant Payments Forum", organized by the Central Bank of the Dominican Republic, in which representatives of the World Bank, as well as central banks of Paraguay and Costa Rica, participated.
According to the institution, these spaces allow for the exchange of experiences and strengthen the development of instant payment systems in Latin America.
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