RBC EZPay – Ready for Change

Go Lean Commentary

It’s time to introduce the Caribbean Dollar (C$) as a regional currency. Though there will be coins and notes, the primary focus will be on electronic transactions. This is the future!

Electronic Payments schemes (card-based & internet) are very important in the strategy to elevate the Caribbean economy, bring change and empower people, process and profits.

According to the subsequent news article, the regional banks – in this case the Royal Bank of Canada (RBC) – are ready for this change.

CU Blog - RBC EZPay - Ready for Change - Photo 3Roseau, Dominica – RBC Royal Bank today unveiled its new RBC EZ Pay Wireless Terminals, a wireless device that can be used to complete credit card transactions anywhere where a cellular phone can be used.

“This product is ideal for car rental companies, as well as for use at restaurants, tour and taxi operators, local outdoor markets, trade shows and even community and festive events,” said Mr. Yuri Lazare, Country Head, Dominica. “We are proud to be the pioneers of this technology in Dominica, providing a payment solution that is limitless in terms of where it can be used; effortless in that it is so easy to set up and use; and completely wireless, allowing merchants to accept payments wherever their customers are.”

RBC is the first financial services company in Dominica to offer this innovative product, which has many features. RBC EZ Pay is a high-speed, cordless point-of-sale terminal with an integrated antenna and printer. It has the ability to process Visa, MasterCard, Diners Club and Discover credit cards. It also has a backlit display, a secure network and a rechargeable/removable battery.

CU Blog - RBC EZPay - Ready for Change - Photo 1“Retailers who have previewed the RBC EZ Pay Wireless Terminal like it because it provides flexibility to set up temporary payment locations, such as at sidewalk sales and special events. The device also gives restaurant owners the flexibility to take payment from their customers wherever they are seated, even on outdoor patios or bars,” said Dave Legge, Manager for Commercial Financial Services, Eastern Caribbean. “With this system, car rental companies and other on-the-go vendors can now accept credit payments, which can help expand their business.”

This new product launch continues the long tradition of leadership that RBC has displayed in Dominica.  “In March this year, RBC celebrated 95 continuous years of doing business in Dominica and we look forward to continuing this partnership for many years to come” said Mr. Yuri Lazare, Country Head Dominica. “We appreciate the many opportunities we have had to play a role in the national development of the country.  Today’s launch is historic and evidence of our dedication to delivering innovative product solutions that create an environment in which Dominicans can maximize their entrepreneurial potential.”

Business persons interested in learning more about this new product and obtaining pricing can visit our Roseau branch or call Ermine Darroux at 255 – 1803.
Dominica News Online – Website for Daily Newspaper- (Posted 06/11/2010; Retrieved 01/23/2015) –

This point is detailed in the book Go Lean…Caribbean, a roadmap for the introduction of the Caribbean Union Trade Federation (CU) and the Caribbean Central Bank (CCB). This Go Lean roadmap has 3 prime directives:

  • Optimization of the economic engines in order to grow the regional economy to $800 Billion & create 2.2 million new jobs.
  • Establishment of a security apparatus to protect the resultant economic engines.
  • Improve Caribbean governance to support these engines.

This Go Lean/CU/CCB roadmap looks to employ electronic payments schemes to impact the growth of the regional economy. There are two CU schemes that relate to this foregoing news story, as they require the demonstrated POS terminals:

  • Cruise Passenger Smartcards – The Go Lean roadmap posits that the cruise industry needs the Caribbean more than the Caribbean needs the industry. But the cruise lines have embedded rules/regulations designed to maximize their revenues at the expense of the port-side establishments. The CU solution is to deploy a scheme for smartcards that function on the ships and at the port cities.
  • e-Commerce Facilitation – The Go Lean roadmap defines that the Caribbean Dollar (C$) will be mostly cashless, an accounting currency. So the Caribbean Central Bank (CCB) will settle all C$ electronic transactions (MasterCard-Visa style or ACH style) and charge interchange/clearance fees. This scheme allows for the emergence of full-throttle e-Commerce activities.

The focus of these schemes is not technology, its economics.  These electronic payments provide the impetus for M1, the economic measurement of currency/money in circulation (M0) plus overnight bank deposits. As M1 values increase, there is a dynamic to create money “from thin-air”, called the money multiplier. The more money in the system, the more liquidity for investment and industrial expansion opportunities.

An additional economic benefit is the mitigation of Black Market “under-the-table” transactions that proliferate in a cash-only environment. These neutralize government revenue schemes: sales tax, VAT, etc.

CU Blog - RBC EZPay - Ready for Change - Photo 2Though the foregoing article refers to the Royal Bank of Canada, the currency in focus here is not the Canadian dollar, but rather the new Caribbean dollar. This Canadian bank, along with others – Bank of Nova Scotia, Canadian Imperial Bank of Commerce (CIBC) / FirstCaribbean – support local currencies, like the Bahamian dollars, Jamaican dollars, T&T dollars, etc. In fact, in whichever country RBC operates, they transact in local currency. The Go Lean roadmap calls for that same participation with the new C$ regional currency.

If the Caribbean member-states already have currencies, why is there the need to transform to a new currency regime?

The Go Lean book posits that the Caribbean is in crisis, and that this “crisis is a terrible thing to waste”. The region has been devastated by currency mis-management over the decades; (for example, the Jamaica dollar was trading 87-to-1 at the end of 2009 and conditions have only worsened since then). In most cases, local Caribbean currencies have been pegged to the US Dollar, but even American stewardship have hurt Caribbean fortunes, the dollar has lost value compared to other bread-basket currencies (Euros, British Pound Sterling, Swiss Franc, Japanese Yen, Chinese Yuan, etc.), meaning that the global buying power has dwindled more and more for the average Caribbean resident due to no fault of his own. These internal and external currency factors have contributed to the Caribbean economic crisis, and the urgent need for reform, re-boot and remediation.

The book posits that to adapt and thrive in the new global marketplace there must be more strenuous management, technocratic optimizations, of the region’s currencies. This is the charge of Go Lean roadmap, opening with the Declaration of Interdependence (Page 13) and these pronouncements:

xxiv.    Whereas a free market economy can be induced and spurred for continuous progress, the Federation must install the controls to better manage aspects of the economy: jobs, inflation, savings rate, investments and other economic principles. Thereby attracting direct foreign investment because of the stability and vibrancy of our economy.

xxv.    Whereas the legacy of international democracies had been imperiled due to a global financial crisis, the structure of the Federation must allow for financial stability and assurance of the Federation’s institutions. To mandate the economic vibrancy of the region, monetary and fiscal controls and policies must be incorporated as proactive and reactive measures. These measures must address threats against the financial integrity of the Federation and of the member-states.

Creating the CU/CCB governance is “Step One, Day One” in the Go Lean roadmap. The strategy is to implement the bank and C$ currency with the appropriate regulatory framework, tools and infrastructure, to facilitate the electronic schemes identified above.

The foregoing article, demonstrates that this regional bank (RBC) is ready for this change, but evidence abounds that the other banks are equally competitive. See VIDEO sample below for the bank-neutral “The Square Credit Card Reader”.

The Go Lean book details a series of community ethos, strategies, tactics, implementations and advocacies to foster the proper controls for electronic payments/virtual money in the Caribbean region:

Community Ethos – Economic Principles Page 21
Community Ethos – Money Multiplier Principle Page 22
Community Ethos – “Light Up the Dark Places” Page 23
Community Ethos – Lean Operations Page 24
Community Ethos – Cooperatives Page 25
Community Ethos – Ways to Impact the Future Page 26
Community Ethos – Promote Intellectual Property Page 29
Community Ethos – Ways to Bridge the Digital Divide Page 31
Tactical – Separation of Powers – Central Banking Page 73
Implementation – Assemble Central Bank Cooperative Page 96
Implementation – Ways to Deliver Page 109
Implementation – Ways to Impact Social Media Page 111
Planning – Ways to Better Manage Image Page 129
Anecdote – Caribbean Currencies Page 149
Advocacy – Ways to Mitigate Black Markets Page 165
Advocacy – Ways to Foster Cooperatives Page 176
Advocacy – Ways to Impact Cruise Tourism – Smartcard scheme Page 193
Advocacy – Ways to Foster Technology Page 197
Advocacy – Ways to Foster e-Commerce Page 198
Advocacy – Reforms for Banking Regulations Page 199
Appendix – Alternative Remittance Modes Page 270

The points of effective, technocratic banking/currency stewardship, were further elaborated upon in these previous blog/commentaries:

http://www.goleancaribbean.com/blog/?p=3814 Lessons from the Swiss unpegging the franc
http://www.goleancaribbean.com/blog/?p=3582 For Canadian Banks: Caribbean is a ‘Bad Bet’
http://www.goleancaribbean.com/blog/?p=3090 Lessons Learned – Europe Sovereign Debt Crisis of 2009
http://www.goleancaribbean.com/blog/?p=2930 ‘Too Big To Fail’ – Caribbean Version
http://www.goleancaribbean.com/blog/?p=2074 MetroCard – Model for the Caribbean Dollar
http://www.goleancaribbean.com/blog/?p=1350 PayPal expands payment services to 10 markets
http://www.goleancaribbean.com/blog/?p=906 Bitcoin virtual currency needs regulatory framework to change image
http://www.goleancaribbean.com/blog/?p=833 One currency, divergent economies

There are so many benefits to deploying the e-Payment functionality of the C$:

  • More Cruise Tourism Spending
  • Fostering e-Commerce
  • Increase of M1
  • Mitigation of Black Markets

Now is the time for all of the Caribbean, the people, the banking establishments and governing institutions, to lean-in for these empowerments described in the Go Lean/CU/CCB roadmap. The benefits are too alluring, and far overdue, a better place to live, work and play. 🙂

Download Go Lean … Caribbean – now!


VIDEO – How To Use The Square Credit Card Reader With Your Phone. Get It For Free. http://youtu.be/-RtmHsLxcrA

Published on Jun 28, 2014 – Using The Reader. Take Credit Card Payments With Your Phone. Signing up, getting and how to use the Square credit card reader by Square Up with a Samsung Galaxy Note III. Tutorial. Great for small businesses.

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