The instant payment system, Favara, which authorizes monetary transactions between banks has tallied a total transaction of MVR 15 billion within the span of a year.
The instant payment system, Favara, which authorizes monetary transactions between banks has tallied a total transaction of MVR 15 billion within the span of a year.
Five million transactions have been exchanged through Favara Transfer, said commercial bank, Maldives Monetary Authority (MMA), elaborating that seven thousand transactions of MVR 16 million was proceeded through Favara Request.
Favara Transfer allows monetary transactions up to a maximum limit of MVR 50,000 while Favara Request caps transactions at MVR 5,000.
Favara Request permits a person to send payment requests to another, allowing both individual parties and businesses to send requests to customers, seeking payment. It also offers convenience to businesses in accepting customer payments.
Favara services are presently employed by five banks; Bank of Maldives (BML), State Bank of India (SBI), Maldives Islamic Bank (MIB), Bank of Ceylon (BOC) and Mauritius Commercial Bank (MCB).
The system which is tailored to offer uninterrupted monetary exchanges around the clock offers instant processing of bank exchanges between accounts regardless of which bank is used.
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