The second phase of the project will be the development of a digital solution which will allow users to make and receive payments instantly irrespective of where they hold their bank accounts in the Maldives. A digital solution simply provides the facility of making payments without other add-on services or functionality. The solution will utilize the accounts structure within the system meaning that all entities in the Maldives will have a fast and reliable option for making payments. Users’s accounts will be linked to their respective bank accounts, and funds can be transferred between the central system account and bank accounts in a number of ways.

Account To Account Payments

A digital solution with mobile and web-based interfaces will allow all users to send and receive money instantly.

Wholesale Payments

A solution intended to be an electronic alternative for cheques will be available where the payment initiator and approver can be different individuals from the payee’s side. The payment initiator will have a web-based interface, whereas approvers will have a mobile application.

Payment Gateway

A payment gateway built upon the digital solution will be introduced, which will provide users the option to use the local schema to make online payments instead of international card schemes and payment gateways.

Self-Service Terminals

These terminals will be available in all inhabited islands at convenient locations, mainly to facilitate Know-YourCustomer procedures via fingerprint verification. Apart from this, all payment services that can be availed from the digital solution will be available through the self-service terminals.