2 more banks join MMA's instant payment system
The MMA said the banks will start pilot testing of 'Favara' from next Wednesday with the agreement signed on Sunday.
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Two more banks have joined the central bank's Favara instant payment system.
When Maldives Monetary Authority (MMA) introduced the system in August, three banks were connected to the payment system:
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1-
Bank of Maldives (BML)
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2-
Maldives Islamic Bank (MIB)
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3-
State Bank of India (SBI)
Two more banks joined Favara on Sunday, the MMA said. The agreement was signed on Sunday to use Favara by:
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1-
Bank of Ceylon (BOC)
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2-
Mauritius Commercial Bank (MCB)
The MMA said the banks will start pilot testing of 'Favara' from next Wednesday with the agreement signed on Sunday.
Financial transactions between banks participating in 'Favara' are realized immediately. The money sent to an account opened in another bank is credited immediately. Previously, it took 24 hours for money to be sent from one bank to another.
Instant Payment System:
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Instant Money Transfer Service (Instant Payment)
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Easy way to get money (Request to Pay)
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Non-account number option (smart addressing)
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Account validation (Account Verification)
