Maldives Monetary Authority to implement instant payments with TietoEVRY

Wednesday 4 November 2020 13:27 CET | News

Maldives Monetary Authority (MMA) has signed an agreement with Finland-based IT solutions provider TietoEVRY, to implement an Instant Payments System in the Maldives. 

Initiated under the Maldives Payment System Development Project, the Instant Payments System will form the most essential component of the project. The implementation of the system is said to enable users to make and receive payments in real-time, irrespective of the island they live on or where they bank. It will also facilitate the introduction of payment solutions to the market by PSPs, connected via a single platform.

The Instant Payments System in the Maldives will be based on TietoEVRY’s Instant Payments Solution and will include ISO20022 message processing, liquidity management, fee management, fraud management and proxy (smart) addressing services. The project also involves developing a digital bank solution with a mobile application to enable the creation of new value-added payment services, promote innovation and increase competition in the Maldives. The mobile application will allow citizens and visitors to send and receive money, as well as pay for goods and services instantly.

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Keywords: Maldives Monetary Authority, TietoEVRY, partnership, Maldives, instant payments, Maldives Payment System Development Project, online payments, Instant Payments System, PSP, Asia, APAC
Categories: Payments & Commerce | Online Payments
Countries: Maldives
This article is part of category

Payments & Commerce