The MIA platform represents an important step in the overall modernisation and development of the payment system in the region of Moldova. OTP Bank was among the first financial institutions to successfully and securely implement this technology, aiming to leverage its benefits to accelerate its digital transformation.
In addition, the bank is set to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The implementation of Instant Payments required the overall integration of OTP Bank’s information system with the National Bank of Moldova’s new MIA database. The previous modernisation procedure of the bank’s information system was organised in order to simplify this process, requiring the development of only an API for incorporation with the NBM service.
In addition, the OTP Bank team also collaborated closely with CS Tech and Getik – developers of the bank's core solutions, which managed to enable partners to launch a working API in five weeks, preparing the ground for future innovation.
In March 2024, customers accessed the first MIA functionalities in the OTP Internet and Mobile Banking application, Instant Transfer (P2P) and Transfer Request (RTP), operations that have the possibility to be performed based on the phone number without entering banking data. With these new tools, customers were enabled to benefit from convenience, speed, and safety, as the money arrived in any bank account in the Republic of Moldova quickly, with 24/7 availability. Furthermore, financial services have become more accessible for OTP Bank clients, with 0% commission for transfers of up to EUR 1.540 (MDL 30.000) per month.
While Instant Payments are becoming more accessible and are leveraged in the local financial market, OTP Bank continues to increase the number of MIA functionalities in its mobile banking app. These include payments by scanning a QR code, payments by secure link, and Me2Me transfers (instant transfers between own accounts with different banks).
The implementation of MIA Instant Payments at OTP Bank represents an important step in the strategy of optimising and innovating its services, as well as improving its customers’ experience and overall satisfaction.
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