Favara instant payment system unveiled to transform money flows
Favara is an acronym made using the Dhivehi words ‘Faseyha’ (easy), ‘Vaguthun’ (fast) and 'Rakkaatheri' (safe).
By
Ahmed Mizyal
Central bank, Maldives Monetary Authoity (MMA) on Saturday launched an Instant Payment System (IPS) to facilitate easy, fast and secure payment services in Maldives.
The IPS, named Favara, was launched by Vice President Faisal Naseem at a ceremony held at Crossroads Maldives on Saturday evening.
Favara is an acronym made using the Dhivehi words ‘Faseyha’ (easy), ‘Vaguthun’ (fast) and 'Rakkaatheri' (safe).
The system was launched after testing began on July 25. Participants in the testing phase include:
-
Bank of Maldives (BML)
-
Maldives Islamic Bank (MIB)
-
State Bank of India (SBI)
Key features of the IPS:
-
Instant payment
-
Request to pay
-
Smart addressing
-
Account verification
