The MMA and two additional banks have signed the Participation Agreement of the IPS - Favara.
Favara was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient, and secure payment services in the Maldives. The two banks that newly signed the agreement today were the Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB).
This agreement signed with the banks stipulates the rights and obligations of the system participants. Having completed the user acceptance testing, the banks that signed the agreement today will commence the pilot testing from 8th November 2023 onwards.
Over the forthcoming two weeks, the banks will be completing the pilot testing and making all necessary arrangements to become participants of Favara.
Favara was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient, and secure payment services in the Maldives. The two banks that newly signed the agreement today were the Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB).
This agreement signed with the banks stipulates the rights and obligations of the system participants. Having completed the user acceptance testing, the banks that signed the agreement today will commence the pilot testing from 8th November 2023 onwards.
Over the forthcoming two weeks, the banks will be completing the pilot testing and making all necessary arrangements to become participants of Favara.
