BANK OF MAURITIUS
Bank of Mauritius implements state of the art switching solution with MX Payment™
As a central bank, Bank of Mauritius is the regulatory authority for financial institutions responsible for monetary policy. Innovation, efficiency and cost reduction are among its priorities. It plays a major role in the national and regional economic dynamics.
With the aim of ensuring that payments are processed between operators 24/7 and 7/7, Bank of Mauritius wanted to simplify mass payments and introduce innovative means through a platform dedicated to its members, banking and non-banking actors. It wanted to reduce for them payment processing costs and provide them with a fair competition ecosystem.
A national switch to bring financial inclusion and cost effectiveness in the payment value chain
With the switch, Bank of Mauritius, the national regulatory authority for financial institutions, makes financial stability a reality. Sustainable consumer protection is insured by simplifying clearance process, reducing transaction costs and enabling merchants to share point-of-sales terminals and citizens to use ATMs of any bank.
In addition to ensuring interoperability between banks, Bank of Mauritius has an ambitious program to connect telecom operators, transport, government and financial institutions to this platform in order to encourage electronic payments in the country.
Bank of Mauritius is focused on achieving sectorial convergence and is making it a priority.
Case STudy BOM- EN
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MX Payment™ to bring added value services
MX Payment™ offers a variety of value-added services such as prepaid cards, e-wallets and facilitates government payments as pensions and social security payments.
Thanks to MX Payment™ platform, Bank of Mauritius brings innovative and efficient payment services directly to the customer through private label cards issuing, tax and E-Gov payments along with third party processing.
Today Bank of Mauritius proposes a complete solution for banks to build their own version of best-in-class banking and payment system through a range of services including a payment hub, wireless processing, Internet and mobile payment switching.