Maldives Monetary Authority (MMA) signed an agreement with Tieto Latvia SIA on Wednesday, to implement an Instant Payment System in the country under the Maldives Payment System Development Project.
A special signing ceremony was held by MMA, virtually attended by representatives of the company, including its TietoEVRY's Head of Payments Ilkka Korkiakoski.
Tieto Latvia SIA is a subsidiary of TietoEVRY, a company renowned for its IT and product engineering solutions.
"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", said Ilkka Korkiakoski.
"The successful 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", said MMA.
"It will also facilitate the introduction of innovative payment solutions to the market by Payment Service Providers, connected via a single platform".
The initiative was touted as a notable milestone for Maldivians and the economy as a whole to capitalize on developments within financial technologies.
"Being able to partner with a company of TietoEVRY’s calibre gives MMA the added confidence of being able to deliver these expected results", said the Governor of MMA, Ali Hashim.
As stated by MMA, the payment solution is scalable and allows service providers to independently develop and deploy new services on the platform.
The system is expected to go-live for use in domestic transactions by the last quarter of 2021.