Maldives Monetary Authority (MMA) has introduced an automated cheque clearing process as an initiative towards developing the national payments infrastructure and increasing the efficiency of payments and settlement services in the country.
Speaking about the automated cheque clearing process, Governor Dr. Azeema Adam said it will speed up the cheque clearing process and ease the work of the central bank staff. The automated cheque clearing process will be available at all bank branches in the atolls, and it is aimed at further developing the banking system across the country, she said.
As part of its efforts to modernise the country’s financial sector, MMA introduced a Real Time Gross Settlement System (RTGS) in 2011 and an Automated Clearing House (ACH) in 2012 to facilitate more efficient transfer and settlement of interbank payments.