All information on the procurement related to the Maldives Payment System Development Project is available on this page.
All information on the procurement related to the Maldives Payment System Development Project is available on this page.
Request for Proposal (RFP) for Independent Legal Expert for the Maldives Payment System Development Project
Maldives Monetary Authority Invites bids for " Independent Legal Expert for the Maldives Payment System Development Project "
Request for Proposal (RFP) for Project Management Advisor for the Maldives Payment System Development Project
Maldives Monetary Authority Invites bids for " Project Management Advisor for the Maldives Payment System Development Project "
Request for Proposal (RFP) for Payment System Consultants for the Maldives Payment System Development Project
Maldives Monetary Authority Invites bids for " Payment System Consultants for the Maldives Payment System Development Project "
MMA invites all vendors that registered to the RFI (reference number IL-PRC/2019/09 dated 31st January 2019) to submit proposals to the RFO for the Maldives Payment System Development Project.
A complete set of the RFO containing detailed information is available from MMA’s website and the links below. Vendors may obtain further clarifications regarding the RFO via email until 19th June 2019.
Currently, all inter-bank transactions are executed via the Maldives Real Time Gross Settlement (MRTGS) system and Automated Clearing House (ACH) system, which are both operated by the MMA. The MRTGS system processes and settles urgent, high value inter-bank transactions and the ACH system is a session based clearing system for low value batch transactions.
The Digital Bank Module must be able to create a wallet (or virtual account) which can be provided to any customer (Maldivian individual, business, expatriate or tourist), including the unbanked. The requirements for the wallets which will be provided by the Digital Bank are detailed in Section 6.5 and Subsection 7.2.5 of the RFO.
Currently the Mobile Network Operators (MNOs) operate the Mobile Payment Services in the Maldives in a closed loop system. In the new infrastructure the UPG must allow users to make payments via different channels including mobile apps.
The national registration database contains biometric information and will be connected to UPG via APIs for biometric verifications. API details will be provided to the selected vendor.
Please refer to the answer provided for question number 1.
KYC of the tourists will be done on arrival.
As per the requirements specified under Subsection 7.2.5, the function to transfer funds back to bank or card must be available. These services will be provided by PSPs to the tourists.
Only local scheme cards issued by PSPs will be used for domestic transactions. International schemes will not be used. However, the new system will connect to international schemes via existing banks.
The new system is a local payment scheme and will support single currency (Maldivian Rufiyaa).
There is no additional documentation which is circulated with the RFO. Additional information is available on our website www.payments.mv.
This refers to the Pull Payment function. The local payment scheme which will facilitate transfer of funds between various accounts. These functions will be available for the PSPs to provide payment solutions at lower level to the end user.
The local payment scheme which will facilitate transfer of funds between various accounts. Functions such as Scan and Pay will be available for the PSPs to provide payment solutions at lower level to the end user.
Yes. It refers to the controlled administrative rights and accessibility.
Five seconds is the minimum criteria for an end to end transaction. Therefore it does not limit the vendor to propose a system with lesser transaction processing time.
As mentioned in requirement number MMA-NFR-023, the system must be able to handle operation at a minimum of at least 400 transactions / second. Please note that at a given time, the total population in Maldives is not expected to exceed 1 million which is inclusive of resident foreigners and visiting tourists.
Please refer to the answer provided for question number 15. Please note that the requirement explicitly states that the system must be scalable to add more users in a short period.
Since the minimum criteria is less than one second, it does not limit the vendor to propose a system with lesser transaction processing time.
The statistics given in Figure 2 of the RFO is for one year for the year ended 2018.
The evaluation will be done considering the TCO for 5 years. However, the vendor shall provide price schedule to show total cost of ownership for 10 years.
MMA will make arrangements to get all necessary APIs for the integration with the 3rd party application/databases.
The system must be capable of allowing unbanked customers to access all services. The decision on the services which will not be available to the unbanked customers is to be decided at the scheme rules development stage.
The UPG must allow KYC verification for new customers during the registration process through the integration with the National Registration databases (including but not limited to: Department of National Registration, Legal entities through Ministry of Economic Development and tourists and expatriates through Maldives Immigration) which contains biographic and biometric information. It will be connected to UPG via APIs for biometric verifications.
Yes. Hardware will be procured by MMA and the Vendor needs to provide detailed Bill of Material for the Hardware.
MMA will negotiate the contract terms with the selected vendor which will include payment terms.
UPG and other related system components will be installed within MMA premises. MMA will provide the necessary network connectivity.
Given the constricted timeline, MMA will not be able to change the given timeline.
Vendor must fully comply with the requirements stated in Subsection 7.5.2 of the RFO.
Given the constricted timeline, MMA will not be able to change the given timeline.
Please note that 5 years’ experience is the minimum requirement.
Please note that 5 years’ experience is the minimum requirement.
The referred subsection does not constitute any mandatory requirement for the submission of stated certificates.
The Vendor is not expected to be responsible for hardware issues. However, the Vendor must assist the hardware provider in resolving any issues if deemed necessary.
As mentioned in subsection 7.4.1, the vendor must provide a full description of the training sessions including the length and the maximum attendees’ number. This must be based on the number of staffs required for the proposed solution.
Given the constricted timeline, MMA will not be able to change the given timeline.
MMA is open for a custom-built solution.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. The PSPs will provide payment solutions at lower level to the end user.
Minimum qualification requirements listed for some of the roles in Subsection 7.1.3 are the minimum requirements. However Subsection 7.1.4 (Certifications) does not constitute any mandatory requirement for the submission of stated certificates.
Please note that the performance targets listed under requirement number MMA-NFR-023 are minimum requirements considering the expected growth in the near future. Hence, the Vendor may propose the solution based on any maximum limit or growth rate.
Please refer to the answer provided for question number 1ndly clarify the TCO to be calculated for a period of how.
Please refer to point (J) “i’ and “ii” of subsection 7.1.1 of RFO.
The support services will be provided as per the terms of a contract which will be reviewed on an agreed basis. Hence, the terms and period are negotiable.
The details may be provided separately.
Please refer to the answer provided for question number 19. Post go live support commercials will be considered.
At present there is 100% 4G coverage in all populated areas of the country.
There is no such database at present. The Smart addressing function of the new infrastructure will allow customers to make payments using easy-to-remember tokens and identifiers such as national identification numbers, mobile numbers, email addresses and social media handles.
MMA will procure the required hardware as per the Bill of Material for the Hardware submitted by the Vendor.
Laws and necessary regulations for the regulatory framework are currently under development.
Currently each financial institution has its own KYC policy.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. It will allow users to make payments via different channels including but not limited to mobile app, web, kiosks, smart devices, and schemes. The PSPs will provide payment solutions at lower level to the end user.
Currently the servers and databases of MMA and Banks are in accordance with the requirements of the existing MRTGS and ACH systems. MMA will procure the required hardware for the new payment system as per the Bill of Material for the Hardware submitted by the vendor.
It is not included in the scope.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. It will allow users to make payments via different channels including but not limited to mobile app, web, kiosks, smart devices, and schemes. The PSPs will provide payment solutions at lower level to the end user.
MMA will provide the details of the APIs and make arrangements to get all necessary APIs for the integration at a later stage.
The national registration database will provide the identifiers and biometric data to the UPG.
If vendor is proposing a standard solution, the Vendor shall submit the requested details in “a” and “b”.
The vendor is required to submit a detailed Bill of Material for the Hardware. Procurement of hardware will be carried out by MMA. Hardware commercials maybe included in a separate section of the proposal. Bill of Material for the hardware in Staging, Certification and Testing Environments must be included.
MMA will make arrangements to get all necessary APIs for the integration.
MMA will cooperate with the selected Vendor to establish proper rules for risk management.
Please refer to the answer provided for question number 19.
Please provide the details separately.
Please provide the details separately.
Acceptance Criteria will be provided as a part of contract negotiations.
MMA will coordinate with the selected Vendor to identify the necessary standards in accordance with the Industry standards.
AIPs include all institutions that hold customer accounts used in the payment process, either directly or indirectly through a third party. PSPs are institutions that provide payment solutions built on top of the payment infrastructure, possibly utilising the information provided by AIPs. MMA expects separate APIs for AIPs and PSPs.
All the participating Banks will make the necessary changes.
Multiple messaging standards are required to allow all participants to integrate seamlessly with UPG.
UPG will allow different identification methods and multiple authentication methods. PSPs will allow customers to conduct transactions based on UPG rules.
These details will be provided to the selected vendor.
Bulk upload functionality is the functionality within the instant payment system that is capable of receiving large numbers of transactions in one bulk that are in turn unbundled and processed as single transactions, then at the end of processing it is capable of sending back the response messages in bulk. PSPs may use different channels for initiating such a transaction.
The new system is a local payment scheme which will facilitate transfer of funds between various accounts. The white labelled mobile banking application will allow transactions through the local scheme. These functions will be used by the PSPs to provide payment solutions at lower level to the end user.
Please refer to the answer provided for question number 70.
Please refer to the answer provided for question number 70.
Rich information means transaction messages that would be sent to payer and payee such as payment confirmation message, payment rejection message and other such short messages not more than 255 characters. It does not necessarily be SMS.
If the registered vendor has registered as a consortium, proposal may be submitted by the consortium and the certification can be owned by any member. However, during the registration process the vendor is not registered as a consortium, during the proposal submission vendor will not be eligible to submit the proposal as a consortium. The referred subsection does not constitute any mandatory requirement for the submission of stated certificates.
The vendor may propose their own identity management services for user privilege management.
Undertaking for providing insurance will be sufficient to meet the requirement.
The system must have built in SMS/email/instant messaging capabilities. MMA will facilitate SMPP and SMTP connections to the service providers.
MMA will conduct Technical Bid Opening process post the proposal submission deadline.
The Subsection 7.4.2 states that the MMA must use the ticketing system of the Vendor, as well as a dedicated hotline for high-priority issues. Hence, the Vendor is expected to facilitate this and Vendor may propose alternate mediums for reporting high-priority issues.
In the subsection 5.7.2 'Deliverables' refers to the deliverables upon completion of the project by the selected vendor. It is given for costing purpose.
All the requirements are detailed in Section 7 of the RFO.
All the overlay services needed to meet the requirements detailed in Section 7 of the RFO must be provided by the Vendor.
Please refer to subsection 7.1.1. Although the statement reads 'above', the list is given 'below'.
Minimum OS versions of Android: Android 4.1
Minimum OS versions of iOS: iOS 7
Please refer to the answer provided for question number 76.
The Subsection 7.4.2 states that the MMA must use the ticketing system of the Vendor, as well as a dedicated hotline for high-priority issues. This ticketing system and hotline are for MMA to log support requests with Vendor.
Current MRTGS System supports file based integration. However, vendor solution must support both file based and API based integration with third party settlement system.
Payment instructions are validated against the limits/caps allocated by UPG participants. The approval process must consist of multiple-factor authentication and manual intervention where necessary.
The Clearing Module must support clearing and settlement within the system, without depending on the existing MRTGS system. Vendor may propose to use MRTGS or alternate solution for settlement.
Please refer to the answer provided for question number 75.
As mentioned is Subsection 7.3.1 of the RFO Vendor is only expected to submit a detailed Bill of Material for 3rd party software. Vendor provided software are expected to be included in the commercials.
MMA will coordinate with the selected Vendor to identify the customization if deemed necessary.
As mentioned in the requirement number MMA-FR-UPG-018, the UPG must keep track of every transaction processed by the system with its status for a period of minimum 7 years.
MMA will coordinate with the selected Vendor with regard to data backup, archiving and disposal policy of MMA
The Clearing Module must support clearing and settlement within the system, without depending on the existing MRTGS system. Vendor may propose to use MRTGS or alternate solution for settlement.
The Digital Bank will operate like any other bank and will be connected to UPG. The requirement number MMA-FR-DG-005 is to provide a white labelled mobile banking application which can be used by the any PSP.
As mentioned in Section 7.3.1 a detailed Bill of Material for the Hardware and 3rd party software needs to be submitted. It need not be included in the pricing table.
Annual maintenance fee must be mentioned. However, bidder is free to add more details to the pricing table.
a) The first test can be conducted at MMA.
b) Vendor must make all arrangements for both the performance and penetration tests, and MMA will provide Hardware.
c) MMA will contract the independent entity and all associated costs will be borne by MMA.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. Only local scheme cards issued by PSPs will be used for domestic transactions. For International card schemes the gateways of existing commercial banks will be used.
MMA will coordinate with the selected Vendor for further development of the roadmap.
Submission of the audited financial statements for the past three years would be sufficient to meet the requirement.
For example integration with AIP's systems maintaining account information.
AIPs and PSPs will connect to UPG through APIs.
The UPG will be an open, API-based modular system consisting of an account-based, real-time payment system augmented with the functionality of smart addressing. PSP will provide the services to both retail and corporate customers. The UPG must support any differences in retails and corporate payment messages.
Government payments will also be account to account payments via local scheme.
The transactions conducted through the UPG must be transparent with rich and informative messages for both payer and payee. Hence the UPG shall facilitate exchange of rich information.
The mode of integration would be API based. It must allow AIPs and PSPs to connect to National Registration databases (for example: information on individuals through Department of National Registration, legal entities through Ministry of Economic Development and tourists and expatriates through Maldives Immigration). The system must have the capacity to connect to more databases in the future.
UPG will allow different identification methods and multiple authentication methods. PSPs will allow customers to conduct transactions based on UPG rules.
Clearing module must allow the undertaking of clearing and settlement within the system, without depending on the existing MRTGS system.
The core infrastructure, UPG will be an open, API-based modular system consisting of an account-based, real-time payment system augmented with the functionality of smart addressing. Since it is a separate instant payment system, there will be no direct integration with the ACH.
Please refer to the answer provided for question number 109.
This means that the UPG must keep track of every transaction processed by the system with its status for a period of minimum 7 years and each transaction must have a unique time stamp. The Vendor is expected to propose how transaction information are stored.
MMA will coordinate with the selected Vendor with regard to specifications of enquiries to monitor the status of every transaction.
There will be two types of major players: account information providers (AIPs) and payment service providers (PSPs). AIPs include all institutions that hold customer accounts used in the payment process, either directly or indirectly through a third party. PSPs are institutions that provide payment solutions built on top of the payment infrastructure, possibly utilising the information provided by AIPs.
UPG will allow different identification methods and multiple authentication methods. PSPs will allow customers to conduct transactions based on UPG rules.
UPG will only facilitate the PSPs to conduct transactions based on UPG rules. Data will be held at banks. All the participating Banks will make changes if necessary.
The web-based tools will used by MMA for monitoring. The details of the tools will be discussed with the selected Vendor.
The reports are for monitoring, and statistical analysis purposes. The details of the reports will be discussed with the selected Vendor.
The clearing is expected to allow the undertaking of clearing and settlement within the system, without depending on the existing MRTGS system.
Clearing Module must be able to generate settlement instructions in SWIFT FIN standard formats. MMA will coordinate with the selected Vendor and ensure the availability of all important details for the integration.
Clearing Module must be able to generate and export settlement instructions in multiple file formats such as .xml, .ascii and other standard file formats.
Indirect participants can be considered as any other direct member.
The Digital Bank will operate like any other bank and will be connected to UPG. The relevant stakeholders will provide necessary information to the UPG (for example: information on individuals through Department of National Registration, legal entities through Ministry of Economic Development and tourists and expatriates through Maldives Immigration). Hence, this information can be utilized.
Vendor is expected to include all systems that are deemed necessary to meet the requirement.
Please note that the Digital Bank will operate like any other bank and will be connected to UPG. The integration will also be done accordingly.
The proposed white labelled mobile banking application can be used by AIPs and PSPs to provide services to customers.
Please note that the Digital Bank will operate like any other bank and will be connected to UPG. Since the solution is a local payment scheme, any local scheme cards issued by PSPs can be used for domestic transactions.
Card personalization is not included in the scope.
The local scheme will support single currency. That is Maldivian Rufiyaa only.
The local scheme will support single currency. That is Maldivian Rufiyaa only. Hence integration with forex agencies is not required.
Issuance of physical card is not included in the scope.
Topping up of wallet with international card schemes will be done through the existing banks infrastructure.
Please note that the Digital Bank will operate like any other bank and will be connected to UPG.
UPG will allow different identification methods and multiple authentication methods. PSPs will allow customers to conduct transactions based on UPG rules.
MMA will coordinate with the selected Vendor regarding development of the security and integrity requirements of the APIs in accordance with the industry standards.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. Only local scheme cards issued by PSPs will be used for domestic transactions. International schemes will not be used. However, the new system will connect to international schemes via existing banks.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. Only local scheme cards issued by PSPs will be used for domestic transactions. International schemes will not be used. However, the new system will connect to international schemes via existing banks.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. Only local scheme cards issued by PSPs will be used for domestic transactions. International schemes will not be used. However, the new system will connect to international schemes via existing banks.
The Digital Bank Module must be able to create a wallet (or virtual account) which can be provided to any customer (Maldivian individual, business, expatriate or tourist). MMA will coordinate with the selected vendor for further data sharing.
The vendor is expected to propose the solution based on the requirements specified in the RFO.
Please refer to requirement number MMA-FR-DG-005 of the RFO with details of the requirements for the mobile banking application.
Please refer to requirement number MMA-FR-UPG-014 of the RFO with details of the requirements for UPG to allow KYC verification.
Please note that the Digital Bank will operate like any other bank and will be connected to UPG.
The statistics given in Figure 2 of the RFO is for one year for the year ended 2018. MMA will coordinate with the selected vendor for further data sharing.
Please refer to Section 6.6 for AML requirements.
MMA will coordinate with the selected Vendor with regard to the transactional source systems which needs to be integrated with fraud management system.
As detailed in requirement number MMA-FR-FDP-003 The Fraud Detection and Prevention module must monitor in real-time the spending patterns and statistical data of users, wallets, cards and merchants from various channels, applying customisable business rules with the objective rapidly detect and stop fraudulent or suspicious transactions.
MMA will coordinate with the selected Vendor regarding required user logins
MMA will coordinate with the selected Vendor regarding required user access.
Rule creation shall be available at MMA, AIP and PSP level.
As mentioned in requirement number MMA-FR-FDP-009 The Fraud Detection and Prevention module must be a multi-tenant application with strict segregation of data. Hence, specific rule creation shall be available.
MMA will coordinate with the selected Vendor to opt the best available option.
MMA will coordinate with the selected Vendor to opt the best available option.
MMA will coordinate with the selected Vendor to opt the best available option.
The vendor is expected to provide price schedule to show total cost of ownership for 10 years. Hence, hardware can be sized accordingly.
As mentioned in the requirement number MMA-NFR-023, The system must be able to handle operation at a minimum of at least 400 transactions / second. Hence, hardware can be sized accordingly.
MMA expects the hardware utilization to be under 75% at any given time.
Implementation at DR site is also in the scope.
MMA will cooperate with the selected Vendor in selecting the best available option.
Currently MMA does not have EULA (Enterprise Unlimited Licensing Agreement) for Oracle.
Requirement number MMA-NFR-036 is self-explanatory.
Dispute management will be part of the consumer protection regulatory framework. Hence, UPG shall support dispute management and chargeback functionality.
Evaluation will be carried out in accordance with the Section 5.6 (Evaluation and Award Process) provided in the RFO
A detailed list of deliverables will be finalized and included in the Contract which can only reviewed on an agreed basis.
MMA will make all arrangement for the training and bear all associated costs.
MMA will procure the necessary Hardware.
MMA will provide the workstation, telephone and other arrangement of the work space for the onsite support staff.
MMA will make all the administrative arrangements.
Yes. Bidder can list down the cost for training in the Pricing Table (Appendix B)
With reference to Subsection 7.4.2 The MMA expects the vendor to offer 24/7/365 post go-live support. The requirement can be met from any of the Vendor's establishments.
With reference to Subsection 7.4.2 The MMA expects the vendor to offer 6 months Special post go-live support including 4 weeks post go-live on-site presence and off-site priority support. The requirement can be met from any of the Vendor's establishments.
MMA will bear the costs of establishing connectivity between the MMA networks.
The Subsection 7.4.2 requires the support service to include a hotline service for incident management purposes. Hence, the Vendor is expected to facilitate this and the Vendor may propose alternate mediums for incident management. Hotline may not be a toll free number.
Fees can be agreed during contract negotiations.
Account or Support Manager can be stationed at Bidder's premises.
Reimbursable expenses include all expenses which must be borne by MMA in accordance with the terms of contract.
Under the current tax regime MMA is exempted from paying withholding tax. Hence, no taxes are applicable.
The bidder is free to make changes to the template in Appendix B (Pricing Table) and list down any additional details.
The bidder is free to make changes to the template in Appendix B (Pricing Table) and list down any additional details.
The bidder is free to make changes to the template in Appendix B (Pricing Table) and list down any additional details.
Vendor is expected to provide separate prices for every project phase. Evaluation will be carried out in accordance with Section 5.6 (d).
Annual maintenance fee must be mentioned. Vendor can freely quote for any other option of term license with annual maintenance fee.
MMA acknowledges the statement.
Annual maintenance fee includes the Vendor software only.
TCO includes the items included in Appendix B only. Vendors are expected to provide other details separately.
The solution is a local payment scheme which will facilitate transfer of funds between various accounts. Only local scheme cards issued by PSPs will be used for domestic transactions. For International card schemes the gateways of existing commercial banks will be used.
Please refer to the answer provided for question number 134.
Multiple messaging standards are required to allow all participants to integrate seamlessly with UPG.
Please note that the Digital Bank will operate like any other bank and will be connected to UPG.
MRTGS system supports standard SWIFT FIN messages. MMA will coordinate with the selected vendor and provide details to facilitate integration.
Under the current tax regime MMA is exempted from paying withholding tax. Hence, no taxes are applicable.
The UPG will be an open, API-based modular system consisting of an account-based, real-time payment system augmented with the functionality of smart addressing. PSP will provide the services to both retail and corporate customers. The UPG must support any differences in retails and corporate payment messages.
Please refer to the answer provided for question number 84.
It is not a mandatory. However, the Vendor may propose to include multi-factor customer authentication executed by other solutions.
The RFO is published in searchable PDF format for ease of use by the Vendor in the preparation of the proposals.
The soft copy of only the Technical proposals is required to be sent via email.
The soft copy of only the Technical proposals is required to be sent via email. Graphic initialization or digital company seal would be sufficient.
The soft copy of only the Technical proposals is required to be sent via email. Graphic initialization or digital company seal would be sufficient.
The soft copy of only the Technical proposals is required to be sent via email. Graphic initialization or digital company seal would be sufficient.
It means the system must be ready to serve customers in 9 months.
Each bank maintains a settlement account at the central bank.
Figure 3 in Subsection 4.3.1 of the RFO shows the Inter-bank Clearing and Settlement System (MRTGS and ACH).
The volume of interbank transactions are comparatively low. Hence, they are able to manage it manually even though systems are not fully integrated with some of the participating banks.
Please refer to paragraph 3 under Subsection 4.3.3 for details.
As mentioned in the RFO the main reason is the limited availability of electronic payment services in the island communities.
This feature will allow the payee to request instant payments rather than payer initiating the transaction.
The Clearing Module must support clearing and settlement within the system, without depending on the existing MRTGS system. Vendor may propose to use MRTGS or alternate solution for settlement.
The system must be capable to perform any kind of liquidity management.
Yes. Pull payments. Please refer to question no 11 for more details
Please refer to the answer provided for question number 187.
The solution is a local payment scheme will facilitate transfer of funds between various accounts. It will allow users to make payments via different channels including but not limited to mobile app, web, kiosks, smart devices, and schemes. The PSPs will provide payment solutions at lower level to the end user.
This means it will allow users to access via different channels including but not limited to mobile app, web, kiosks, smart devices, and schemes.
The Clearing Module must allow real-time multilateral net clearing between the participants.
This will be decided based on the system rules.
The new system is a local payment scheme which will facilitate transfer of funds between various accounts. The white labelled mobile banking application will allow transactions through the local scheme. These functions will be used by the PSPs to provide payment solutions at lower level to the end user. Collect money refers to the Pull Payment function.
Fraud Detection and Prevention is detailed in the Subsection 7.2.6.
The Vendor may choose to compile the proposal in any format. The submission shall be in accordance with Section 5.4.
The system be Active-Active.
The selected has to deposit the source code (source code escrow).
The UPG will be an open, API-based modular system consisting of an account-based, real-time payment system augmented with the functionality of smart addressing. PSPs will connect to UPG via APIs and provide the services to the users. The UPG must allow the PSPs to use the functionality specified in the question.
The functional requirements for the fraud detection and prevention of the new solution are detailed in Subsection 7.2.6.
Please refer to section 6.7 of the RFO for details related to support and maintenance
Clearing module must allow the undertaking of clearing and settlement within the system, without depending on the existing MRTGS system.
The application shall be in English language and shall support customization to local language.
Maldives Monetary Authority (MMA) has issued a Request for Information (RFI) with the objective of obtaining information about prospective vendors’ capabilities, potential solutions and the costs involved to fulfil the vision of the Maldives Payment System Development Project.
MMA invites all interested parties to submit a written response to this RFI. A copy of the RFI is available on MMA's website (www.mma.gov.mv) and from the links below:
First Amendment to the RFI was done on 28th February 2019 to extend the deadlines. The revised deadlines for registration and submission of response are as follows:
This includes responses to all questions received via email and questions asked during the information sessions.
All Maldivians have a unique national ID which is used as a primary identification to obtain any service from any institution. National ID is used as voters ID.
No
Bank accounts are not linked to a mobile number.
The population of Maldives is 402,071, which is dispersed across 188 administrative islands. The most densely populated island is Male’, the capital city, with 38% of the population living there. Only two islands have a population of over 10,000 where as a majority of islands have a population of less than 1000 citizens.For more details please visit the following pages:
The Statistical Yearbook of Maldives
Only licensed payment service providers can offer payment services to the Maldivians. And MMA will license these parties in accordance with the necessary regulations.
The whole project will be funded by MMA. The fees/charges for UPG will be nominal. Revenue from these fees to be shared with the banks could be a potential option.
Final evaluation will be based on the technical as well as the commercial aspect. It will not solely depend on the commercial aspect.
Based on the RFI responses we are hoping to finalize our requirements and publish a Request for Offer (RFO) by end of April
Yes. If the vendors request, it can be arranged.
It is open for vendors to propose a solution for settlement, which minimizes the dependency on legacy systems.
The insurance companies may offer payment service through their selected payment service provider. This is not included in the current scope of RFI
A common white label app can be proposed or the banks may use their own proprietary app. Banks will function as account information service providers. Banks can be both Account Information Service Providers as well as Payment Service Providers.
Yes. It will be done by the Payment Service Providers via the UPG.
All products must be installed and all services must be provided from Maldives. However, vendors may propose other alternatives.
The scope of the RFI is for the software only. However, the vendors may propose the hardware requirements/specifications.
No.
It is open to vendors to propose an appropriate solution. PSPs are required to integrate with UPG and a mobile operator can act as a PSP. As in RFI, ISO20022 messaging format will be used in the UPG.
The National Registration database was officially launched by the Government 1984. This database will provide the identifiers and biometric data to the Unified Payment Gateway.
The UPG will be connected to the National Registration Databases (and other registration databases at a later stage) via APIs for biometric verifications.
The national registration database is a register of all citizen of Maldives. It contains basic details of all citizens and biometric data is available partially. We are currently working with the relevant authorities to improve the available biometric data.
It must be able to handle 31 million transactions per year as an indicative scale. The system should be scalable to cater 10-80 times of the stated transaction volume as it evolves over time.
Yes. A bank can act as an AISP and PSP as well. In case where a bank is not integrated to UPG at API level, it can authorize the transactions manually. Vendors may propose a separate interface for that.
Yes.
MMA plans to introduce digital/virtual bank which will have a common stored value account for each entity in the Maldives (i.e. individuals and businesses) which is planned to be operated by an entity designated by MMA
It can be used by the banks integrated to UPG as well.
The stored value accounts will be hosted by a designated entity by MMA.
No. Cash top-ups are strongly discouraged. There are other ways to top-up the wallet like receiving incoming funds from other accounts, depositing the social security benefits from the government to this account.
No.
No.
It is not limited to cards.
Fees will be decided based on the rules which is yet to be finalized.
They idea is that they will receive money from another customer to their stored value account in the digital bank. There will be some limitations on type and value of transactions that unbanked customers can make. If an unbanked customer wants to deposit funds and use the full services, a bank account is required to be opened and complete full KYC verification.
The reason we are interested in tourist solution is that recently a lot of guesthouses has been opened in the local islands (unlike one island one resort concept) mainly targeted for budget travelers. Since these are small scale businesses it is not practical to put POS machines which supports all international schemes in each and every location.
Tourists can top up the store value accounts using their international card schemes. Even though UPG is not directly connected to the international card schemes, it will be possible via the existing commercial bank’s card networks.
Yes. However, the solution for tourists is not limited to local cards only.
It is around 1.2 million tourists per year which is expected to increase in the coming years.
For more details, please visit the following page:
Statistical Yearbook of Maldives 2018
Yes. Tourists can top up the store value accounts using their international card schemes via the existing commercial bank’s card networks. At this stage, we don’t have the intention to incorporate the international schemes to the UPG, but at later stage, if the need arises, we will definitely consider that. So the option for international scheme must be available.
MMA will not be investing in international switch. We will be using existing commercial bank’s card networks.
No. Our idea is to do the KYC of the tourists on arrival.
Yes. It can be enabled.
The scope of the RFI is for the software only.
The population of Maldives is dispersed across around 200 islands where majority of the islands with a population below 1000. There are no bank branches in each and every island. If we can introduce a Kiosk in each and every Island, people can use it. For example, if they install an app, this Kiosk can be used for KYC verification. This channel can be used to create confidence among the people to the system. Kiosk must accept different kind of identification and authentication. Including biometrics such as fingerprint or even cards. It can also be used to make high value payments. For example people without smart phones can initiate large transfers with multi factor authentication using these machines. In simple terms, Kiosks could be a smart ATM without cash.
Self-service terminals / kiosks will be available in all inhabited islands at convenient locations, mainly to facilitate Know-Your-Customer procedures via biometric verification or any other identifiers. Apart from this, all payment services that can be availed from the digital solution will be available through the self-service terminals. Eg: Users registered online or via mobile apps can do the basic KYC through these terminals.
For example, in resorts or islands where people offer services (i.e. sea sports) such as lending surf boards or other sea sports activities, the kiosks can be used select the service and make payment.
The Kiosk will be connected to the Unified Payment Gateway (UPG). UPG will get the details of the fingerprints via the National Registration database.
Yes. Such arrangements will be made in the future.
No specific time duration. Ideally less than an hour.
Yes. Arrangements can be made.
Key points to be covered are highlighted in Section 8.2 of the RFI.
Yes.
Submission of offer to RFO is limited to the vendors registered through the response to the RFI only.
The payment gateway must support all local schemes and should be capable of connecting all international schemes.
The fingerprint verification would be provided by a third party.
It is not limited to smart cards. You may propose mobile wallets or any other solution.
You may use your pricing model. We want to know both the implementation and licenses cost.
Yes. Full scope of the RFI is to be implemented in the given time frame. However, you may propose an alternate time frame.
A local partner is not required. However there are no restrictions for you to affiliate with a local partner.
The opportunity is for both physical visit and teleconference. However, we would prefer if the Vendor visits MMA for the presentation.
Appreciate if you could share the details of the RFI with those Vendors so that they may participate in the RFI as well.
We can make arrangements for a conference call if you could please provide your contact details.