CDB hosts launch of the Caribbean Settlement Network’s Working Group

The Caribbean Development Bank (CDB) recently hosted the launch of a Working Group of regional stakeholders, tasked with determining the feasibility of establishing the ‘Caribbean Settlement Network’ (CSN).

This is a proposed regional public good, which intends to resolve the decades-long challenge of cross-border trade and remittance settlement among Caribbean nations. 

Upon the realization of this not-for-profit regional public entity, Caribbean residents and businesses would be able to conduct intraregional cross-border digital financial transactions instantly on their smartphones or tablets, using digital versions of their local currencies, at a fraction of the current cost of wire transfers and remittance channels.