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Suriname: CBvS: euro payments now also possible via SNEPS

As of today, banks can carry out euro transactions among themselves via the automated Suriname National Electronic Payment System (SNEPS). The payment system previously processed interbank transactions in the Surinamese dollar (SRD) and the US dollar (USD). Euro transactions have until now been processed semi-manually.

In the past five months, the Central Bank of Suriname (CBvS) and the Surinamese Bankers’ Association have started a joint process to also realize euro transactions via SNEPS. The CBvS introduced the Suriname National Electronic Payment System (SNEPS) in August 2015.

With this introduction, Suriname has switched to an automatic electronic payment system for SRD transactions according to international payment standards and compliance in accordance with the Caribbean Financial Action Task Force (CFATF) guidelines.

Four years later, in August 2019, it also became possible to conduct interbank USD transactions via SNEPS. The introduction of electronic USD payments via SNEPS has contributed to a significant increase in interbank cashless USD transactions.

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