Two additional banks have joined the Maldives Instant Payment System, "Favara", launched by the central bank, the Maldives Monetary Authority (MMA).
The two banks to newly join the system are the Bank of Ceylon (BOC) and Mauritius Commercial Bank (MCB).
According to MMA, the banks have successfully completed their preparations and pilot testing to integrate into the Favara system. Starting today, customers of Bank of Ceylon and Mauritius Commercial Bank can access the full spectrum of Favara services, including Favara Transfer, Favara Request, Favara ID, and Favara Recall.
With two new banks joining the Favara system, a total of five banks are now integrated into the Favara system. The other three banks already participating in the system are the Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI).
The payment system, which was commissioned to Finland's TietoEvry, is designed to facilitate instant payments using mobile phones or other devices. The system allows users to make swift transactions online without entering account numbers each time. Instead, a special code, such as ID card number, email address, mobile number, or business registration number, is used for funds transfer.
Some services offered by the instant payment system include:
- Account verification
- Instant payments
- Request to pay
- Smart addressing
