The Maldives Monetary Authority (MMA) has announced that it is currently in the process of implementing an Instant Payment System (IPS). The IPS is expected to be launched in the coming weeks and will allow users to make and receive payments instantly, irrespective of the island on which they live or where they bank.
The IPS will be based on Tietoevry’s Instant Payments Solution, which is a proven and reliable platform that is used by financial institutions around the world. The IPS will be integrated with the existing payment systems in the Maldives, such as the Real Time Gross Settlement (RTGS) system and the Automated Clearing House (ACH) system.
The IPS is expected to have a number of benefits for businesses and consumers in the Maldives, including:
Speed: Payments will be processed and settled in real time, which means that the recipient will receive the funds immediately.
Convenience: Payments can be made from anywhere, at any time, using a variety of devices.
Security: The IPS will use the same security measures as traditional payment methods, such as encryption and fraud detection.
Cost-effectiveness: The IPS is expected to be more cost-effective than traditional payment methods, as it will not require the use of intermediaries such as banks.
The launch of the IPS is a significant development for the payments landscape in the Maldives. It will make it easier and more convenient for businesses and consumers to make payments, and it will help to promote the use of electronic payments in the country.
“The IPS is a key part of our efforts to transform the payments landscape in the Maldives,” said MMA Governor Ali Hashim. “It will make it easier, more convenient, and more secure for businesses and consumers to make payments, and it will help to promote the use of electronic payments in the country.”
The IPS is expected to be rolled out in phases, with the first phase focusing on domestic payments. Current Bank of Maldives (BML), Maldives Islamic Bank (MIB) and State Bank of India, Male’ Branch are connected with the new Gateway and been tested. The second phase will focus on cross-border payments, and the third phase will focus on integrating the IPS with other payment systems in the region.
The MMA is working with banks and other payment service providers in the Maldives to implement the IPS. The IPS is expected to be a major boost for the digital economy in the Maldives and will help to make the country more competitive in the global economy.
