Two additional have joined Maldives Monetary Authority (MMA)’s ‘Favara’ payment system, allowing convenient and secure instant money transactions between two banks.
The two new banks which newly joined the system are Bank of Ceylon (BoC) and Mauritius Commercial Bank (MCB).
The participation agreement, which stipulates the rights and obligations of the system participants, was signed yesterday.
MMA said both banks will commence the pilot testing phase from Wednesday, November 8th onwards, having successfully completed the user acceptance testing before the agreement signing.
In this trajectory, MMA said both banks will be completing the pilot testing and make all necessary arrangements to become participants of Favara over the course of the next two weeks.
Introduced on August 26th, Favara allows you to make instant money transfers between two banks 24 hours a day. Transactions can be completed using Favara ID and Favara Request. Favara ID is a service that enables customers to use easy-to-remember identifiers such as phone numbers and e-mail addresses to initiate payments instead of using account numbers. With Favara Request, customers can send a request seeking a payment from another customer. This service can be used by both individuals as well as businesses seeking payments from their customers.