{
  "id": 14140045,
  "title": "The Caribbean’s Payment Rail Moves to Pilot",
  "url": "https://urgent.news/2026/10/13/the-caribbeans-payment-rail-moves-to-pilot",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T06:00:00.000Z",
  "source": {
    "name": "Global Finance",
    "slug": "global-finance",
    "url": "https://gfmag.com/banking/caribbeans-payment-rail-pilot/"
  },
  "original_language": "en",
  "account": "The Caribbean Payment and Settlement System (CAPSS), a real-time payments network for local currencies, has transitioned into its pilot phase, uniting 11 Caribbean nations in a vision of borderless commerce. Spearheaded by the region's central banks in collaboration with the African Export-Import Bank (Afreximbank), CAPSS aims to eradicate the U.S. dollar as a payment intermediary and bolster intra-CARICOM trade. Although background transactions will still involve U.S. dollars, day-to-day transactions will utilize local currencies, an innovation poised to significantly reduce foreign exchange conversion costs and make smaller cross-border transactions viable for small- and mid-sized businesses. Okechukwu Ihejirika, acting chief operating officer at Afreximbank's Caribbean office, emphasized that CAPSS will eliminate the financial constraints that currently hinder trade between regional partners. The system draws inspiration from the Pan-African Payment and Settlement System (PAPSS), which was established by Afreximbank and the African Union in 2022, and connects 16 African countries. Initiated in October 2023, CAPSS entered a proof of concept stage in February 2025 at the Central Bank of The Bahamas, where a seamless transaction occurred between Barbados and The Bahamas, with no U.S. dollars exchanged. Afreximbank and Montran Corp. provided the necessary design and software, respectively, with Trinidad and Tobago's central bank participating in the test. Suriname observed the proceedings. Central bankers from CARICOM are set to reconvene in November, a juncture that could solidify the system's timeline. Looking ahead, plans are in place to connect CAPSS to PAPSS, establishing a vital payment bridge between Caribbean and African markets.",
  "summary": "CAPSS has entered its pilot phase, bringing real-time local currency payments to 11 Caribbean nations. The post The Caribbean’s Payment Rail Moves to Pilot appeared first on Global Finance Magazine .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}