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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.