MMA selects Tieto Latvia to implement the Instant Payment System

By Edil Corneille

The Maldives Monetary Authority (MMA) has signed an agreement with Tieto Latvia, a subsidiary of TietoEVRY, to implement an Instant Payment System in the country. Initiated under the Maldives Payment System Development Project, the Instant Payment System is said to form the most essential component of the project. The implementation of the system will enable users to make and receive payments in real-time, irrespective of the island they live on or where they bank. It will also facilitate the introduction of innovative payment solutions to the market by payment service providers, connected via a single platform.

MMA mentioned that it is delighted to have taken on TietoEVRY as a partner for the project.

The Governor of Maldives Monetary Authority, Ali Hashim said, “This is an important step being taken towards the advancement of the Maldivian payments landscape, in line with those of the developed economies of the world. We expect this system to address the various challenges being faced by the Maldivians within the existing payments system. Being able to partner with a company of TietoEVRY’s caliber gives MMA the added confidence of being able to deliver these expected results of this project.”

The Instant Payment solution of TietoEVRY is said to be scalable and simple to configure, thereby allowing to easily expand the product range. The platform is based on micro-services architecture and enables the freedom to independently develop and deploy new services.

Ilkka Korkiakoski, Head of Payments, TietoEVRY said, “We are proud to partner with MMA to build real-time payment ecosystem for Maldives. The new payments infrastructure provides participants all modern real-time capabilities as well as promotes innovation and improves financial inclusion in the market”. He also added, “By delivering our Instant Payment Solution of the new generation, we will enable a payments infrastructure that is secure, open and easily scalable to ensure that new propositions are built as needed.”

The project will see the Maldivian payments infrastructure being developed and enhanced to the levels and standards set by major economies, with the collaboration with TietoEVRY. The system is expected to go-live and be in use for domestic transactions by the last quarter of 2021.

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