Automated Payment and Securities Settlement System (APSSS)

What is APSSS?

APSSS stands for Automated Payment and Securities Settlement System. APSSS is a system that connects all banks in a local network. It enables banks to provide customers with services to make electronic payments quickly, safely, and securely anywhere in Belize.

Major components of the system include:

The Government's payments are fully integrated into the APSSS in order to improve collecting revenues (Customs, Income Tax and Sales Tax), making payments (payroll and accounts payable), and managing cash flows via a single treasury account (TSA).

What payment options are available with APSSS?

APSSS provides a wider range of payment options such as:

  • Electronic Funds Transfer (EFT) for low-value payments (which includes bulk payments, such as payroll and accounts payable) within the same day,
  • Instant Funds Transfer (IFT) (an electronic payment that is available 24/7) within a few minutes,
  • Real-Time Gross Settlement (RTGS) for high value payments within an hour, and
  • Automated clearing and processing of cheques by the end of the next day.

What are the benefits of APSSS?

APSSS will have a positive impact on the efficiency of business processes of commercial banks and the way their customers effect payments and receive credit. The system and its new payment options will further expedite the flow of money, contributing to faster receipt of funds, and goods and services.

What is the Central Bank's role with APSSS?

The Central Bank functions as the operator and regulator of APSSS. The Central Bank is legally authorized to establish, oversee, and develop the national payment system in Belize. It contains systemic and other payment related risks to the system and provides secure and effective mechanisms for the exchange of money between transacting parties, domestically.

Can I use APSSS to send money abroad?

APSSS is a domestic system, meaning it is applicable only for money transfer within Belize.