Dominican Central Bank to launch instant payment system in 2027

The Dominican Central Bank is set to introduce a new instant payment management system (SGPI) in the first half of 2027. This platform will replace the current "Pagos al Instante BCRD" service, which operates via the Real-Time Gross Settlement (RTGS) system.

The SGPI aims to significantly speed up electronic transactions, with funds expected to be credited within 10 seconds. It will also offer continuous availability, operating 24 hours a day, 365 days a year. Users will continue to access the system through their existing mobile and online banking applications, but the new platform will introduce enhanced features.

Key among these new functionalities is the use of aliases, such as email addresses, mobile numbers, or tax identification numbers (RNC), eliminating the need to share account details. The system will also allow for account validation and confirmation of final transaction credits. Additionally, it is designed to lower transfer costs, facilitate the participation of non-banking payment service providers, and expand the overall use of electronic payments.

Future phases will incorporate additional services, including QR code payments for merchants, government payments, interoperability for point-of-sale terminals and ATMs, and payment initiation. The system is also being developed to separate low-value and high-value payments onto distinct platforms for optimized processing of retail operations.

The BCRD emphasizes that the SGPI will help reduce cash usage and its associated handling costs, thereby promoting greater economic digitalization. A significant objective is to enhance financial inclusion by bringing in individuals and businesses with limited access to formal financial services. The central bank noted that a system like SGPI, with diverse payment instruments and access channels, can help reduce exclusion for informal sectors and populations with limited financial services, referencing a 2025 World Bank Global Findex report that placed the Dominican Republic's financial inclusion rate at 65% of the adult population.