Payment system in late testing stages; no roll out date decided
With the services launched in the first phase, funds sent from one bank to the other will be realised immediately.
Central bank has said it is in the latest stages to introduce a state-of-the-art payment system that will speed up financial transactions between the banks.
MMA Governor Ali Hashim had said in June last year that he was confident that the payment system would be rolled out in September. However, the system is yet to be introduced.
MMA spokesperson Mohamed Nasih told Atoll Times that internal tests of the payment system have been completed.
Banks have now been linked to the payment system and testing of services provided by banks in the first phase through payment system is currently underway, he added.
With the services launched in the first phase, funds sent from one bank to the other will be realised immediately.
"MMA hopes to successfully complete the ongoing [payment portal]'s tests and launch these services soon," Nasih said.
He added that the payment system has been designed so that financial transactions can be done on time with ease and safety with the help of modern technology. As of now, even if one bank sends money to another bank online and through cheques, it takes more than 24 hours for the money to be realised in the account.
While the latest work on the introduction of the payment system has been going on, MMA is yet to decide on the date when the system will be rolled out.
