Dominican Republic to launch instant payment system in 2027

The Central Bank of the Dominican Republic (BCRD) is implementing a new Instant Payment Management System (SGPI), scheduled to launch in the first half of 2027. This platform aims to modernize the country's financial infrastructure by allowing fund transfers to be credited in approximately 10 seconds, operating 24/7, 365 days a year.

As part of the National Financial Inclusion Strategy 2022-2030, the SGPI will replace the current Real-Time Gross Settlement (LBTR) system. The new system will initially focus on transfers between individuals and legal entities, with plans to gradually introduce QR code payments, government service transactions, interoperability between ATMs and point-of-sale terminals, and cross-border operations.

A key feature of the system is the use of aliases—such as email addresses, phone numbers, or tax IDs—to identify users, allowing transfers without sharing full bank account numbers. The initiative also seeks to integrate non-bank payment service providers and fintech companies into a regulated ecosystem, aiming to reduce the financial exclusion of the approximately 35% of the adult population currently lacking full access to formal financial services.