Launched by the Reserve Bank of Vanuatu, the VANKLIA system is expected to increase access to banking and financial services and encourage more people to open a bank account. The VANKLIA system has two main components: a Real-Time Gross Settlement component which carries out high value and high priority payments and settlement in real time; and an Automated Clearing House component which facilitates the clearing of low value, high volume electronic fund transfers for batch payments such as salary payments and instant fund transfers for retail payments.
Officials from the Reserve Bank of Vanuatu said this development for Vanuatu's financial system will enable safe, rapid, and efficient transfer of money and financial instruments. The nation's new electronic payment platform will support financial transactions and the broader economy. This is a crucial step in the country’s path to growing its digital economy. It will also enable Vanuatu’s banks and financial services companies to create new digital services, offering more choice for consumers and driving inclusive economic development.
The launch of the new system addresses inefficiencies in Vanuatu's payment system which had been negatively impacting everyday business and economic activity. Transfers between banks relied on the manual clearance of cheques, which often led to significant delays. This new digital platform will enhance Vanuatu's financial stability and efficiency, bringing new capabilities which will make transactions quicker and safer. It will also enable new innovative financial services to be added into the future.
With the support of the governments of Australia and New Zealand as well as the World Bank, IFC has provided technical expertise to the Reserve Bank of Vanuatu in relation to reforming the nation's payments landscape, including updates to the regulatory environment and national payment system infrastructure.
Officials from IFC said this new payment system will enhance the safety and stability of Vanuatu's financial system, supporting the growth of digital financial services across the economy. This new platform can help expand financial inclusion, foster economic development and activity, and support promoting financial stability. They are keen on supporting the Reserve Bank of Vanuatu, and other central banks and partners across the Pacific, to help develop this new generation of safe, reliable, and efficient national payment systems. These innovations are crucial to help reduce poverty and boost people's prosperity.
The new electronic payment system in Vanuatu is hailed as a crucial advancement for its banking sector, offering real-time and cost-effective transactions. Australian and New Zealand high commissioners commend its potential for economic growth and development. This initiative aligns with the IFC's efforts to promote inclusive digital financial services across the Pacific, following similar initiatives in Samoa, Papua New Guinea, and Fiji.
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