CaribbeanNews
Trading in Local Currency: The Rise of the CARICOM Payment System
The new CAPSS platform allows businesses to trade across regions without relying on the US Dollar.
Modeled after Africa's successful PAPSS, the CARICOM Payment and Settlement System (CAPSS) is officially live. This digital platform allows Caribbean businesses to settle transactions with African partners using their own local currencies. By reducing the reliance on the US Dollar, businesses are seeing lower transaction fees and faster processing times, providing a significant competitive edge in global trade.
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