back Back

MMA selects Tieto Latvia to implement the Instant Payment System

By Edil Corneille

November 03, 2020

  • Latvia
  • Mma
Share

MMAThe 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.

ALSO, READ: Payments & Cards Systems and Suppliers Report 2020

Previous Article

November 03, 2020

Lombard Odier IM selects Bloomberg’s PORT Enterprise solution

Read More
Next Article

November 03, 2020

Top 4 FinTech M&A deals in the Americas: October 2020

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Latvia

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

HSBC & Geidea to launch Omni Collect e-commerce payment solution in the UAE

Read More

Today

NeoFinity launches ‘NeoZAP’, a premier payment tag in India

Read More

Today

Lianlian DigiTech secures EMI license in Luxembourg

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023