Use of New Instant Payment System Delayed Again

Maldives Monetary Authority (MMA) has revealed the use of the new payment system will begin in September this year.

MMA said that the use of the new payment system has been delayed to allow banks to prepare for the system, due to the challenges faced in relation to COVID-19.

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The central bank had previously stated that the new payment system will be operational by the end of last year. After that, MMA stated that the new system will be operational in February this year. MMA has now delayed the use of the new payment system to September this year.

MMA said efforts are underway to test the system. Banks will also be incorporated into the new payment system in the coming days and testing processes will continue.

In October 2020, MMA had signed a contract with Finnish company Tieto Latvia SIA, subsidiary of TietoEVRY, to implement the instant payment system in the Maldives. Following successful implementation, the system would enable users to send and receive payments in real-time, regardless of the island they reside in or the bank they are with. The system would also facilitate the introduction of innovative payment solutions to the market by payment service providers, connected by a single platform.

MMA Governor Ali Hashim had previously stated that this was a significant stepping stone for the Maldivian economy as a whole, to capitalize on the developments in financial technology taking place around the world. It was further added that the system would be scalable and easy to configure. Based on micro-services architecture, it would allow freedom to independently develop and deploy new services.

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