The Forum brought together leading experts from the World Bank, the Bank of the Republic of Colombia, the Central Bank of Brazil, and BCRD’s Payment Systems Department to discuss key innovations and best practices in the adoption of instant payment platforms. At the event, World Bank specialists Maria Teresa Chimienti and Guillermo Rabadán shared insights on the core features of instant payment systems and the critical role of central banks in driving adoption.

The World Bank, through the Finance for Development (F4D) fund, has been supporting both the event and the BCRD’s efforts to implement a new instant payment platform, a key component of the country’s National Financial Inclusion Strategy. The Bank team conducted a comprehensive assessment of the payment systems ecosystem and assisted the BCRD in designing a reform roadmap to accelerate digital payments adoption. This new system is expected to significantly reduce cash dependency and increase the use of electronic transactions. Designed to operate around the clock, it will enable real-time transfers and greater efficiency, transforming the way Dominicans interact with financial services.

Beyond instant payments, this F4D-funded initiative is helping the country improve consumer and investor protection, develop innovative digital financial services, and expand access to low-income housing finance. These efforts underscore a broader commitment of the Bank to financial inclusion and the modernization of the financial sector, highlighting the need for secure, efficient payment solutions in a rapidly evolving digital economy.