Circular CN-PSD/2021/1: Participation and Integration to the Instant Payment System

Circular No: CN-PSD/2021/1 Date: 28th April 2021 To: All Banks Participation and integration to the Instant Payment System developed under the Maldives Payment System Development project MMA initiated the Maldives Payment System Development (MPSD) project to revamp the payments landscape of the Maldives, by implementing an Instant Payment System in the Maldives to facilitate innovative, convenient and affordable access to digital financial services. The system infrastructure has been planned such that all the banks and other payment service providers will be linked to the Instant Payment System, which is an open, API-based modular system consisting of an account-based, real-time payment system augmented with the functionality of smart addressing. Pursuant to Sections 37(a) and 64 of Maldives Banking Act, all banks are mandated to participate in the Instant Payment System to be implemented under the Maldives Payment System Development Project. Banks are required to establish the connectivity and integrate to the Instant Payment System and to make necessary arrangements to facilitate processing and settlement of instant payments through the system in accordance with the instructions and timelines given by the MMA. Failure to comply with the instructions of this circular may result in enforcement actions being taken against your bank by penalizing on grounds of non-compliance. Yours sincerely, Ali Hashim Governor