The Central Bank implemented the Automated Payments & Securities Settlement System (APSSS) in October 2016. Since its introduction, this modern national payment system has enhanced the safety, reliability, and efficiency of the financial system’s payment infrastructure. With financial institutions connected in a local network, banks have been able to provide a wider range of payment options and services to their customers and these customers have been able to perform electronic payments anywhere in Belize.

The Central Bank foresaw the tremendous positive impact that APSSS would have for all Belizeans, and have shouldered the cost to acquire, implement, and maintain the system for the past three years. Financial institutions are now being asked to contribute minimal fees for the processing of transactions through APSSS.

These fees will be used to offset the costs associated with maintaining and upgrading the system so that the Belizean people can continue to enjoy a modern and secure financial system. Furthermore, the fee structure was strategically designed to encourage the usage of the more efficient payment instruments. The Central Bank fees being charged to financial institutions are tabled below:

Payment Service Central Bank Fee to Financial Institutions

Electronic Funds Transfer over $50,000 or time critical transactions of any value          

• Will be processed individually during normal business hours. Funds are to be available within 1 hour subject to AML/CFT checks.
$3.50 per transaction

Electronic Funds Transfer under $50,000

• If submitted between 9:00 am and 12:00 noon, funds are to be available by the end of the same day.

$0.25 per transaction

Instant Funds Transfer

• Will be processed online 24x7, with funds available within minutes (Note: Not all banks offer this service).

$0.50 per payment

Cheque Processing

• If presented before 2:00 pm during normal business hours, funds are to be available 2 days later
- Cheques up to $50,000 $1.00 per cheque
- Cheques $50,000 to $100,000 $50.00 per cheque
- Cheques above $100,000 $100.00 per cheque


Central Bank of Belize to begin charging APSSS Fees to local banks

“Since its introduction, this modern national payment system has enhanced the safety, reliability, and efficiency of the financial system’s payment infrastructure. With financial institutions connected in a local network, banks have been able to provide a wider range of payment options and services to their customers, and these customers have been able to perform electronic payments anywhere in Belize,” said the Central Bank in a press release issued on Friday, June 7th. “The Central Bank foresaw the tremendous positive impact that APSSS would have for all Belizeans, and have shouldered the cost to acquire, implement, and maintain the system for the past three years. Financial institutions are now being asked to contribute minimal fees for the processing of transactions through APSSS.”

Through APSSS, financial institutions are connected to a local network, which enables banks to provide customers with services to make electronic payments quickly, safely, and securely anywhere in Belize. This project provides a wider range of payment options such as (1) Electronic Funds Transfer (EFT) for low-value payments (which includes bulk payments, such as payroll and accounts payable) within the same day, (2) Instant Funds Transfer (IFT) (an electronic payment that is available 24/7) within a few minutes, (3) Real-Time Gross Settlement (RTGS) for high value payments within an hour, and now (4) automated clearing and processing of cheques by the end of the next day.

As a result of the fees implemented by Central Bank, banks have adjusted their service fees for the customer as well. In a public notice, Atlantic Bank announced their fee charges. “RTGS and Instant Fund Transfer fees remain the same; while, the Same Day Transfer fee has decreased from $3 to $2. Checks that you issue and are deposited at another bank will now incur an in-clearing check fee. On the last day of the month, your checking account will be charged for all checks that were sent to the APSSS system to clear,” indicated the Atlantic Bank notice. All residents are encouraged to visit their local banks to familiarize themselves with the new fees if any. For more information on the APSSS system visit www.centralbank.org.bz.

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