WILLEMSTAD - Four CARICOM member states are taking a major step toward creating a unified regional payment network, as the CARICOM Payments and Settlement System (CAPSS) moves out of its design and testing phase and into preparation for a pilot launch.

The development was announced by Central Bank of Curaçao and St. Maarten (CBCS) president Richard Doornbosch during his keynote address at the Central Banking Autumn Meetings in Rio de Janeiro.

According to Doornbosch, CAPSS aims to enable real-time payments in local currencies, significantly lower transaction costs, and reduce the region’s heavy dependence on international card networks and foreign intermediaries. Ultimately, the system is expected to create a more connected Caribbean payment landscape and stimulate regional trade.

Vital for Small Island Economies

Doornbosch emphasized that fast, reliable and affordable cross-border payments are essential for small and open economies such as Curaçao and Sint Maarten. The Caribbean has been disproportionately affected by the loss of correspondent banking relationships in recent years, leaving local economies more vulnerable to external shocks.

In his speech, he linked the development of CAPSS to broader financial stability challenges in the region, including climate risks, fragile digital infrastructure and growing cyber threats. Modern financial systems, he warned, can only be resilient “if they are secure, sustainable and well connected.”

Pilot Expected in 2026

The four participating countries will now begin preparing the technical integrations needed to support the pilot implementation. If all goes according to plan, the first functional rollout of CAPSS will take place in 2026. The initiative is seen as a significant step toward greater financial independence and economic integration across the Caribbean — and an important milestone in modernizing the region’s digital payment ecosystem.