Paynavix Case | Empowering Secure Local Payments

Background

The Maldives launched a domestic card switch to reduce dependency on international networks and lower fees while enhancing financial inclusion

Tasks

Develop and deploy a domestic card switch for local transaction authorization and clearing
Reduce dependency on international networks and lower transaction fees
Enhance interoperability among banks, ATMs, and POS terminals
Strengthen security and fraud prevention in electronic transactions

Bank overview

$2.9B

in assets

325K

clients

branches

Achieved Results

40%

cheaper processing

60%

faster transaction authorization

32%

growth in card adoption

Business Impact

Lower Transaction Processing Costs

Achieved a 40% reduction in transaction processing costs for domestic payments.

Faster Transaction Settlement

Realized a 60% faster transaction authorization and settlement process, significantly enhancing efficiency.

Expanded Card Usage in Remote Areas

Increased card usage across remote island communities by 32%, broadening access to digital payment services.

Digital Payment Leadership

Boosted digital payment adoption across merchants and businesses, positioning BML as a leader in digital payment innovation in the Maldives.

Robust Payment Infrastructure & Trust

Strengthened banking infrastructure with a more reliable payment system, which increased trust and confidence in locally processed transactions.

Advancing Financial Inclusion & Sovereignty

Enabled financial inclusion by reaching unbanked populations in rural areas while strengthening national financial sovereignty by reducing reliance on foreign networks.

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