Instant payment system trials begin
The instant payment system is designed to make financial transactions easy and secure with the help of modern technology.
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By
Ahmed Mizyal
Central bank has launched trials of an instant payment system (IPS) being set up to facilitate easy, quick and safe payment services in the Maldives.
The Maldives Monetary Authority (MMA) had earlier given September 2022 as the deadline for starting the use of IPS. However, it has been long delayed.
In an announcement on Tuesday, MMA said IPS trials began on Sunday with:
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Bank of Maldives (BML)
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Maldives Islamic Bank (MIB)
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State Bank of India (SBI)
The three banks have signed an agreement with the MMA on July 10 to participate in the IPS pilot run.
MMA Governor Ali Hashim had said more banks will join the trials, but that the first phase will only cover the three banks that signed agreements with the central bank early this month.
The instant payment system is designed to make financial transactions easy and secure with the help of modern technology.
