Tieto Banktech has successfully delivered the cross-border payment capability for the Maldives Monetary Authority’s (MMA) national Instant Payment System, Favara, enabling real-time payments from the Maldives to India through connectivity with India’s Unified Payments Interface (UPI).
The launch marks an important milestone in the development of the Maldives’ digital payments infrastructure and represents Favara’s first cross-border integration. The new capability connects the Maldives’ national Instant Payment System with India’s UPI, enabling individuals in the Maldives to make real-time payments to beneficiaries in India.
Transactions are initiated in Maldivian Rufiyaa (MVR) and credited in Indian Rupees (INR), providing a fast and convenient way to transfer funds between the two countries.
The cross-border payment capability was delivered through close collaboration between MMA, NPCI International Payments Limited (NIPL), participating financial institutions and Tieto Banktech.
As MMA’s technology partner, Tieto Banktech delivered the cross-border module of the Instant Payment System, enabling interoperability between Favara and UPI. The project covered solution architecture and design, implementation, integration, certification, production deployment and go-live support.
"This launch represents an important milestone in the development of the Maldives’ payment ecosystem and marks Favara’s first cross-border integration. Connecting Favara with UPI enables individuals in the Maldives to make fast and convenient real-time payments to beneficiaries in India. We appreciate the close collaboration of NIPL, Tieto Banktech and the participating financial institutions in delivering this capability and look forward to further expanding safe, efficient and accessible cross-border payment services," said Ibrahim Shaugee, Managing Director of Financial Sector Development at the MMA.
“We are proud to have delivered this important milestone together with the Maldives Monetary Authority and our partners,” said Natālija Dmitrijeva, Head of Instant Retail Payment and Cards at Tieto Banktech. “Connecting Favara with UPI demonstrates how modern payment technology and strong collaboration can enable secure and seamless real-time payments across borders. This successful delivery is an important milestone for MMA and the Maldives’ digital payments ecosystem, and we are pleased to have contributed our technology and payments expertise to making it possible.”
About Tieto Banktech
Tieto Banktech is the market-leading provider of financial SaaS solutions for the Nordics and beyond. With over 3,000 dedicated experts and customers in 30+ countries, we deliver solutions for payment and card value chains, financial fraud prevention, lending and wealth management, as well as banking-as-a-platform.
By combining decades of experience with our modular, scalable and secure solutions, we empower financial institutions to unlock significant value, rapidly adapt to market changes, meet regulatory demands and deliver exceptional customer experiences.
Tieto Banktech is a specialized business unit of Tieto Group, listed on the Helsinki and Stockholm stock exchanges. www.tieto.com