Banks
All commercial banks in the Maldives will be connected to the system. They will all contribute to and jointly function as account information service providers.
Infrastructure
The core of the payments system will comprise an accounts-based, instant payments system augmented with the functionality of smart addressing. The system will have a link to international card schema.
Accounts Structure
The accounts structure will be established by providing an account within the system for every entity in the Maldives, including the government, consumers and businesses.
Smart Addressing
Smart addressing will allow customers to make payments using easy to remember tokens such as national identification numbers, mobile numbers, email addresses and social medial handles.
Payment Gateways
The system will be connected to a card payment switch to enable the use of international card payment schema and other payment gateways.
Service Providers
Payment service providers can utilize the payments system infrastructure to provide digital, integrated and even embedded payment solutions to users.
Users
Consumers, businesses and the government will have access to digital and integrated solutions with overlay services.
Instant Payments System
The new infrastructure will be an instant payments system with an accounts-based domestic payment scheme, and will support both wholesale and retail payments. Multi-factor authentication with multiple layers of security will cater to different types and values of payments.