The Central Bank of The Bahamas (CBOB) has revealed it is on target to complete the integration of its digital currency platform with the real-time gross settlement system (RTGS) and automated clearing house (ACH) system by the end of 2021.
The bank made the update as a part of its strategy paper on the elimination of checks, which also revealed that roughly more than $20 million in transactions take place via electronic payment service providers.
“As of 2021, three entities were licensed under the Payments Instruments (Oversight) Regulations, 2017. Along with four MTBs (money transfer businesses), these characterize active participants in the mobile wallet space. However, activity in the space is still at an infancy stage, with 10 entities having completed the technical assessments to participate in the Sand Dollar space. During 2020, most entities were still actively developing their mobile wallet platforms, with some providing stored value products still not fully integrated to the digital currency platform. Some providers were nevertheless active in distributing government assistance payments to the public,” the Central Bank stated.
“By end-July 2021, these entities distributed their services through 231 agents. As at end 2020, payment providers enrolled 38,101 personal accounts and 168 business customers. The services however, largely accommodated withdrawals of personal funds deposited into the accounts. In 2020, top ups, or predominantly third party transfers into these accounts, were registered at 88,601 transactions valued at $10.7 million per month. Person-to-person transactions averaged 2,951 monthly, for an average value of $0.9 million; and person-to-business transactions averaged 14,792 monthly, with a corresponding value of $3.4 million. Conversely, withdrawal transactions averaged 19,549 monthly, valued at $7.2 million.”
Central Bank Governor John Rolle revealed last month that the bank would begin training companies on the use of Sand Dollar during the first quarter of 2022.
“Through the Sand Dollar infrastructure, mobile money services providers are also scheduled to be integrated into the rest of the banking system for payments and transfers. In particular, the Central Bank is on target to complete the integration of the digital currency platform with the ACH and RTGS systems by the end of 2021,” the Central Bank noted in its strategy paper, released yesterday.
“This will provide interface for transfers between the banking system and for peer-to-peer payments as a substitute for personal checks. The commercial bank presence in the mobile money space is also being actively targeted for 2022.”
As of November 2021, there were $302,785.04 worth of Sand Dollars in circulation, 28,003 digital wallets using them and about 845 merchants accepting them.
The post Central Bank on target to integrate Sand Dollar platform with RTGS, ACH systems appeared first on The Nassau Guardian.
source https://thenassauguardian.com/central-bank-on-target-to-integrate-sand-dollar-platform-with-rtgs-ach-systems/
No comments:
Post a Comment