Payments Systems

The efficient functioning of the financial system relies on the soundness and safety of the National Payments System (NPS). The NPS consists of all systems which facilitate the clearance and settlement of payments. The more significant of these are the large-value systems such as the Real Time Gross Settlement (RTGS) system, the Government Securities Settlement (GSS) system, and retail payment systems such as the Cheques Clearing House, the Automated Clearing House (ACH) and card payment schemes.

The Financial Institutions Act, 2008 upgraded the legal foundation for payments by among other things, enabling payment finality, and making explicit the Bank’s responsibility for payment system oversight and regulation.

The Bank has adopted the internationally accepted standard of the Core Principles for Systemically Important Payment Systems as its benchmark in conducting oversight assessments of systems.

The Payments System department publishes a quarterly newsletter, called Payments Quarterly, to keep stakeholders informed of developments in the national payment system. The bank also holds the chairmanship of the payments System Council This is a voluntary body comprising stakeholders in the Payments System whose purpose is to support the achievement of sound and efficient payment systems in the country.

Payments System Council Webpage

List of Approved E-Money Issuers (“EMIs”), Payment Service Providers (“PSPs”), and Payment Service Operators (“PSOs”)

Circular Letters

Circular Letter - Guidance for the Opening of E-Money Issuer Accounts Pursuant to the E-Money Issuer Order, 2020 - October 2023

Circular Letter - Consultation on the Draft Cybersecurity Best Practices Guideline - June 2023

Circular Letter - Supervision Ladder of Intervention Policy - June 02, 2022

Circular Letter - Guideline for the Management of Outsourcing Risks - February 22, 2022

Circular Letter - Consultation on the Draft Policy Proposal Document for a Payments Systems Bill for Trinidad and Tobago - May 17, 2021

Circular Letter - Revised Corporate Governance Guideline, March 2021 - March 10, 2021

Circular Letter - Electronic Payment of Licensing, Registration and Application Fees - November 24, 2020

Circular Letter - Revised Draft Corporate Governance Guideline

Circular Letter - Approval of the Compliance Officer and the Designation and/or Approval of the Alternate Compliance Officer for Financial Institutions Regulated by more than one Supervisory Authority - June 03, 2020

Circular Letter- Consultation on the Draft Guideline for non-bank Non-Financial Institutions In Retail payments - April 29, 2020

Circular Letter - The Revised Personal Questionnaire and Declaration Form: Clarification of Witness Requirement and Special COVID-19 Provisions - April 28, 2020

Circular Letter- Clarification on Electronic Submission of Correspondence to Financial Institutions Supervision Department due to COVID-19 Measures - April 9, 2020

Circular Letter - Issuance of Revised Fit and Proper Guideline and Revised Personal and Corporate Questionnaire and Declaration Forms - October 29, 2019

Presentations

“Presentation on the Promotion of E-Payments” made to the Bankers Association of Trinidad and Tobago by Deputy Governor Alvin Hilaire on behalf of the Payments System Council" - February 2014

Please click link to view presentation. Promotion of E-Payments in T&T

"On September 1, 2020 Governor Hilaire made a presentation as part of a Panel Discussion at a Regional Outreach Webinar hosted by the Bank for International Settlements. The Webinar discussed a Report on Enhancing Cross Border Payments."

Please click link to view presentation: Enhancing Cross Border Payments: Perspectives from Trinidad and Tobago