He highlighted a series of reforms that will be implemented as part of this new payment model
SANTO DOMINGO. The Central Bank of the Dominican Republic (BCRD) announced that it will launch a new instant payments model, a system that seeks to boost electronic transactions, strengthen financial inclusion, and expand banking access in the country.
In that regard, the agency specified that, as part of its objective to promote greater financial inclusion, it has consistently promoted various initiatives aimed at modernizing the Payments and Securities Settlement System of the Dominican Republic (SIPARD).
Platform launch
in the first half of 2027 , initially allowing fund transfers between individuals and legal entities.
Other payment methods will be enabled gradually, according to a statement from the agency. These include payments to merchants using QR codes (Quick Response codes), government payments, interoperability of point-of-sale terminals and ATMs, payment initiation, and cross-border payments.
Payment system regulations
The Central Bank highlighted a series of reforms that will be implemented as part of this new payment model. These include the Payment Systems Regulation, which establishes the legal framework and procedures applicable to SIPARD.
Similarly, other regulations were adopted to provide greater certainty and legal security to the payment and securities settlement systems.
These regulatory frameworks have been modified in order to keep them up-to-date with the innovations and transformations that have occurred in payment systems.
Real-Time Gross Settlement System
The entity explained that the Real-Time Gross Settlement System (RTLS), a central platform for settling transactions from the country's various payment systems, as well as from the banking, social security, and securities sectors.
In 2025, the Central Bank highlighted that 46.0 million payments were processed through this system , representing an average annual growth of 46.1% since its implementation in 2008.
Standardized checks
Additionally, a new check clearing platform was implemented, based on the truncation and digitization of physical documents. This tool helps reduce the time required to credit funds to users' accounts.
Why a new retail payment system?
The Central Bank of the Dominican Republic (BCRD) bases this initiative on Law No. 183-02, Monetary and Financial Law, which regulates the monetary, exchange and financial system of the Dominican Republic and establishes the powers of the Monetary Board, the Central Bank and the Superintendency of Banks.
The legislation stipulates that, in the Dominican Republic, payment systems are a public service exclusively owned by the Central Bank.
In this context, it is a priority for the institution to promote initiatives aimed at strengthening the efficiency, security and modernization of payment systems.
National Financial Inclusion Strategy 2022-2030
The initiative is also linked to the National Financial Inclusion Strategy 2022-2030, whose objectives are aimed at reducing financial exclusion gaps through six fundamental pillars:
- Deepen access to sustainable and formal financing for individuals and micro, small and medium-sized enterprises (MSMEs).
- To enhance access, use and digital development of payment, savings, insurance and investment products.
- To foster a competitive and innovative financial ecosystem, driven by digital transformation and complementarity with non-traditional providers.
- Strengthen transparency mechanisms and user protection for financial products and services.
- To improve the economic and financial behaviors, capacities and skills of the population for the informed, conscious and responsible contracting of financial products and services.
- Generate research and knowledge to identify barriers and areas for progress in financial inclusion of the population.
According to the report cited in the document, the banking and financial inclusion rate in the Dominican Republic stands at 65% of the adult population, according to data from the Global Findex corresponding to 2025.
Reduction of financial exclusion
The Instant Payment Management System promoted by the Central Bank of the Dominican Republic (BCRD) includes a variety of instruments and access and usage channels. According to the official document, the strategy aims to provide tools that help reduce financial exclusion for sectors of the population and informal economic activities that have limited or no access to financial services.
Inclusion and benefits
The new scheme will allow for the expansion of benefits associated with financial inclusion, which will not be directed exclusively to traditional banking clients, but also to micro and small businesses and other participants in commercial activities.
In this way, the aim is to expand access to financial services, facilitate electronic transactions and strengthen the traceability of transactions.
The new instant payment system for retail transactions, which will replace the BCRD Instant Payments provided through the LBTR system, will allow:
- Segment low and high value payments onto separate platforms.
- Reduce accreditation times to up to 10 seconds.
- Validate the accounts and confirm the final crediting of the funds.
- Expand digitization and improve the user experience.
- Reduce the costs associated with fund transfers and payments.
- Facilitate access to other non-banking entities.
- Offer service availability 24 hours a day, seven days a week, and 365 days a year.
- Incorporate a wider variety of use cases.
- Reduce the use of cash and the costs associated with handling it.
Continuity of online and mobile banking
Bank customers will be able to continue using the online and mobile banking platforms of their respective entities.
The main differences will be related to the use of aliases for transfers and payments, the crediting of funds in a matter of seconds, the extended availability of the service, and a greater variety of usage options.
Identification alias
As for the alias, this will function as an alternative customer identification and may correspond to an email address, cell phone number, National Taxpayer Registry (RNC) or an alphanumeric code created by the participating entities.
Its use will allow transfers and payments to be made without the need to directly provide the recipient's account number, which will simplify transactions and facilitate the use of digital payment services.
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