BRIDGETOWN, Barbados – The Central Bank of Barbados (CBB) says it is introducing a “safe, secure and convenient” platform that allows customers to apply to send funds abroad.
It said that the user-friendly electronic interface will roll out on January 3 next year and according to the CBB’s director of Foreign Exchange & Export Credits, Ian Collymore , the new system has been designed to “create a more efficient exchange controls platform that allows the bank to better monitor trends and minimize irregularities across the system”.
The CBB said Forex Online also makes it easier for customers to complete their applications and speed up their transactions.
“The system aligns with both the bank and national push towards becoming more globally competitive through the digital space and generally facilitates doing business in Barbados,” said Collymore.
He said users of the system including commercial banks, money or value transfer services, such as Western Union, lawyers, agencies, businesses and the general public, will find it “easy to navigate and that Forex Online is available daily on a 24 hour basis.
“Forex Online serves as a key pillar to greater efficiency within the financial services sector. The system will roll out with the application form FC, used to facilitate most foreign currency transactions, apart from those for imports,” the CBB added.
