Modelled after Africa's Pan-African Payment and Settlement System (PAPSS), the CARICOM Payment and Settlement System (CAPSS) is advancing toward regional implementation. Following a successful proof-of-concept test between the central banks of the Bahamas and Barbados in February 2025, four jurisdictions: the Bahamas, Barbados, Trinidad and Tobago, and the Eastern Caribbean Currency Union; were named as pilots in November 2025.
When fully operational, CAPSS will allow Caribbean businesses to settle transactions with regional and African partners using their own local currencies, removing the need for US dollar intermediation. The system is expected to reduce transaction fees, accelerate processing times, and lower the foreign exchange costs that currently constrain intra-regional trade. Full regional rollout remains subject to further legislative and technical implementation work across member states.
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