APSSS Fees Announcement
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.
Find out more about the APSSS Fee Structure in the Frequently Asked Questions.
The Central Bank fees being charged to financial institutions are tabled below:
EFT over $50,000
EFT under $50,000
Instant Funds Transfer
Cheques up to $50,000
Cheques $50,000 to $100,000
Cheques above $100,000
Frequently Asked Questions on APSSS Fee Structure
The Central Bank assumed all capital and implementation costs for APSSS and has opted to recover some operating and maintenance costs. These costs would not be prohibitive and would instead provide incentives for development of financial markets and the use of the more efficient electronic payment instruments.
Since APSSS went live in October 2016, the Central Bank granted a pricing moratorium with the specific condition that banks would not add additional charges to APSSS transactions. During this time, the Central Bank conducted a pricing study using transaction value and volume trends to establish the pricing structure to be implemented on 1 July 2019.
- APSSS software maintenance,
- Network and firewall maintenance support,
- Hardware and VM support,
- Backup systems support,
- Network technical support,
- AML subscription maintenance,
- Network and Internet connectivity, and
- Primary to Backup data center connectivity.
- Process and monitor daily operations,
- Provide helpdesk support and trouble shoot and monitor network,
- Monitor network alert,
- Execute monthly database performance tuning,
- Perform quarterly security patching and updates,
- Test participant capacity to switch over to DR site yearly,
- Install and test version releases, and
- Maintain user accounts, profiles, and tokens on live and test environments.