BOC and MCB get onboard instant payment system, Favara

11 months ago

Two additional banks - Bank of Ceylon (BOC) and Mauritius Commercial Bank (MCB) – have been on-boarded as participants of the Maldives instant payment system, Favara. Launched on August 26, Favara was developed by the Maldives Monetary Authority (MMA) under the Maldives Payment System Development (MPSD) project, to facilitate fast, convenient and secure payment services in the Maldives. BOC and MCB become