The concept for developing the payments sector in Moldova, which was approved by the Executive Board of the National Bank of Moldova (NBM), incorporates projects to modernize the Bank’s automated interbank payment system and to implement the instant payments scheme that were stipulated as operational objectives in the NBM’s strategic plan for 2018-2020, IPN reports.
In a press release, the NBM says the projects are designed to develop the payment system in Moldova and to modernize the payment services so as to offer the financial community of Moldova a payments system with modern infrastructure that matches the expectations and demands of payment service providers and modern payment instruments that meet the payment needs of individual and corporate consumers.
Under the approved concept, a number of actions will be taken to develop the national payment system. The circuit of economic flows will thus become easier, the sector of innovative payments will have an improved capacity to attract investments and the velocity of money in the economy will increase. This will bring benefits to payment service providers, end-users (private individuals), economic operators and the authorities.
The project to modernize the automated interbank payment system will be completed in 2021, while the project to implement the instant payments scheme in 2022.
