Payment Spayce and Sagicor Bank: Propelling Clients Forward with Faster Payments

Why It Matters

Accelerating real‑time payments unlocks open‑banking opportunities, driving fintech growth and regional financial integration, while giving partners a competitive edge in a rapidly digitizing market.

Key Takeaways

• 25% annual growth driven by word‑of‑mouth referrals across market
• Acquired regulated trust company to become Canadian financial entity
• RTP integration offers 24/7, 365‑day payments, outpacing competitors
• Caribbean interbank systems poised for regional digital‑payments interconnection
• Faster‑payment rails lay groundwork for open banking and fintech

Summary

The video outlines Payment Spayce’s strategic partnership with Sagicor Bank, emphasizing how faster‑payment infrastructure is propelling client acquisition and regional expansion. It highlights the company’s 25% year‑over‑year growth, largely fueled by organic referrals, and recent acquisition of a regulated trust company that now positions it as a full‑service financial entity in Canada. Key insights include the rollout of a real‑time payments (RTP) platform that delivers 24/7, 365‑day service—far surpassing the traditional five‑day, business‑hour model. The discussion also covers Caribbean initiatives such as BIMPAY and CPAPS, signaling a move toward interconnected interbank networks across the region and deeper South‑South collaboration with sub‑Saharan Africa. Notable examples feature the RTP system’s impact on client banks, enabling them to market continuous payment capabilities and attract new customers. The speaker also references a recent central‑bank panel on CPAPS and envisions future use cases like tokenized transactions, wearables for festival economies, and broader open‑banking ecosystems. The implications are clear: faster‑payment rails create a foundation for open banking, lower transaction costs, and a surge in fintech entrepreneurship across the Caribbean and beyond. By integrating these capabilities, Payment Spayce and its partners can differentiate themselves, capture market share, and accelerate digital‑financial inclusion regionally.

Original Description

In this conversation with Debra LePage and Ramon Caracas from Payment Spayce, and George Thomas from Sagicor Bank, they detail their strategy of growth through seamless onboarding, scalability, and strategic partnerships

Strategic decisions focused on seamless onboarding and scalability are fueling the company's annual growth of roughly 25%, driven mainly by word-of-mouth. LePage and Caracas emphasized that partnerships and acquisitions are vital for elevating product value and recently closed an acquisition of a regulated trust company, establishing them as a financial entity in Canada, and plan for more acquisitions this year.

A key partnership involved developing a Real-Time Payment (RTP) system for a bank, making them a technology partner in that department, with RTP offering a service 24 hours a day, seven days a week, 365 days a year, a significant leap over typical bank offerings limited to business hours. This speed gave clients a competitive edge, allowing them to market their services to gain more business.

Thomas discussed digital banking in the Caribbean, noting the rollout of BIMPAY (the interbank payment system for Barbados) and anticipating similar island projects leading to interconnection. The region is seeing increased South-South cooperation with Sub-Saharan Africa, with digital payments expanding from domestic to regional and international levels. The faster payments rail is a crucial precursor to open banking, which will accelerate opportunities for fintech entrepreneurs.

Thomas expects to see local variants in areas like rideshare and food delivery, alongside e-commerce and m-commerce growth. Ultimately, technologies such as tokenization and wearables (like embedded financial wristbands for festivals) will emerge, simplifying payments and rightsizing transaction costs across the Caribbean.