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

Electronic Funds Transfer (EFT) 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

EFT under $50,000

Electronic Funds Transfer (EFT) under $50,000 and bulk transactions. 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

Cheques up to $50,000

If presented before 2:00 pm during normal business hours, funds are to be available 2 days later
$1.00 per cheque

Cheques $50,000 to $100,000

If presented before 2:00 pm during normal business hours, funds are to be available 2 days later
$50.00 per cheque

Cheques above $100,000

If presented before 2:00 pm during normal business hours, funds are to be available 2 days later
$100.00 per cheque

Frequently Asked Questions on APSSS Fee Structure

Why has there been a price increase for APSSS services?

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.

Why are commercial banks passing Central Bank fees on to consumers?
Financial institutions provide a tremendous service to the Belizean people and, by extension, our economy. Banks invested in configuring and customizing their core banking systems to integrate with APSSS and have worked assiduously to ensure a safe and efficient payment system. The Central Bank expects that as part of their corporate social responsibility, commercial banks will set fees for APSSS services at the lowest costs, given level of benefit. Do familiarize yourself with the Central Bank fees to financial institutions and be discerning when making decisions on financial transactions.
What will the Central Bank do with fees collected from APSSS transactions?
One hundred percent of the earnings from these fees will be used to offset the costs of maintenance, technical assistance, and operational support.
What are Central Bank’s current maintenance costs for the system?
The Central Bank currently pays 100% of the operating and maintenance costs, estimated at BZ$0.8M annually (excluding the costs associated with staffing and other overhead). These annuities include data center costs, such as:
  • 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.
What sort of maintenance does the system require?
Maintenance covers all functionalities of the software applications, hardware, and related documentation. These activities include:
  • 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.

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