Making the case for real-time payments in CARICOM: Evidence from Jamaica's economic impact study.

The article focuses on the case for implementing real-time payment systems (fast payment systems, FPS) in the Caribbean Community (CARICOM), using Jamaica as a detailed case study. It highlights that, as of 2025, only two CARICOM countries have FPS platforms, with most lacking modern features essential for inclusive and efficient digital payments. Employing a conservative bottom-up economic impact model based on Bank of Jamaica data, the study estimates that FPS adoption in Jamaica could yield cumulative direct efficiency gains of approximately US$22.18 million over three years, excluding broader benefits like financial inclusion and tax transparency. The paper benchmarks FPS functionalities in Latin America and the Caribbean against global standards, identifies feature gaps, and offers policy recommendations tailored to small-population economies, emphasizing interoperable, low-cost, and inclusive infrastructure involving credit unions and asset-lite acceptance methods such as QR codes. It concludes that coordinated regional action on FPS could serve as a strategic enabler for inclusive growth, financial integration, and digital transformation across CARICOM.