Tietoevry Banking, a dominant force in financial technology solutions worldwide, has teamed up with the Maldives Monetary Authority (MMA), the nation’s central banking entity, to roll out an advanced instant payments and smart addressing system.
The Maldives Monetary Authority acknowledged the pressing requirement for an upgraded and efficient payment mechanism that synergises with the nation’s aspirations for economic expansion and digital evolution. This sparked the initiation of a remarkable venture to furnish its citizens, residents, and businesses with a swift, dependable, and secure financial transaction method. Furthermore, this infrastructure is poised to fast-track FinTech innovation in the Maldives and holds promise for enabling international transactions.
Tietoevry Banking, leading in the Nordics, extends a modular, pre-integrated banking-as-a-service solution and stands out with pioneering software for core, payments, credit, cards, financial fraud, and wealth. Their unparallel scale, expertise, and specialisation empower financial establishments to expedite their digital metamorphosis journey.
Conversely, the Maldives Monetary Authority serves as the Maldives’ central bank and principal regulator of its financial arena. Established in 1981, the MMA issues currency, manages Maldivian rufiyaa’s availability, promotes its stability, and proactively supervises the financial sector. Additionally, the authority plays an advisory role to the government on pertinent economic and financial system matters.
The Instant Payments facility, which saw its introduction in late August, capacitates individuals and businesses to conduct immediate funds transfer around-the-clock, throughout the nation. Complementing this is the ingenious Smart Addressing system, Favara ID, designed to simplify payments by allotting distinctive identifiers to users, such as mobile numbers or email addresses, to expedite transactions and slash error incidences.
The R2P and Smart Addressing systems adhere to global benchmarks like ISO 20022, certifying uniform and hassle-free transactions globally.
In an exciting forthcoming phase, the MMA will launch a white-label mobile application tailored to the preferences of consumers and businesses alike. The coming years envision an extensive centralised Instant Payment ecosystem, catalysing electronic payments and digital banking through instant payments and smart addressing innovations.
MMA governor, Ali Hashim, stated, “Our commitment to developing the financial industry in the Maldives drives us to create an equitable landscape that promotes healthy competition and empowers all market participants to deliver exceptional payment services. Our cutting-edge infrastructure, supported by Tietoevry Banking, seamlessly connects banks and payment service providers on a single network, enabling unprecedented collaboration and innovation.”
Valdis Janovs, Head of Instant, Retail Payments and Cards at Tietoevry Banking, articulated, “Our partnership with the MMA has global significance as it highlights that having technology alone is not enough for long-term success. The MMA deserves to be congratulated for their comprehensive strategy, which focuses on infrastructure and delivering value-added services to all system participants, including consumers, banks, and businesses.
“We are particularly impressed by the care taken by the MMA during the project rollout. They managed needs and built local competence with the clear purpose of improving the overall technical performance of the country’s financial system. Additionally, they worked closely with participants to ensure readiness for modern solutions and innovations in inter-bank transaction processing while promoting openness for innovations in the financial ecosystem.”
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