Rabat, Morocco (TMT)-Moroccan banks are finalizing the necessary technical arrangements to adopt the instant bank transfer technology, which will bring about a major change in the national banking system.
The instant bank transfer service will enable a significant change in the banking system and will have a positive impact on customers and businesses, a statement from Morocco’s central bank reads.
According to a high official, who spoke to Hespress, “the matter is close to implementation, following the call by Bank Al-Maghrib, last year, to adopt it”.
With the new instant bank transfer system, transferring money from one account to another in a different bank will become easy, reducing processing times and benefiting bank customers, whether individuals or businesses.
This service requires an update to the electronic clearing system between banks, which requires banks to keep up with the technical requirements and manage the risks associated with money laundering and terrorism financing. It also requires real-time monitoring of bank transfer transactions.
According to official data from Bank Al-Maghrib, bank transfers are the most popular payment method in Morocco, followed by card payments, then direct debits, while the use of cheques is the least popular.
The Moroccan Times.