Seychelles switches to new funds transfer system


The Seychelles is adopting a new practice for processing electronic funds domestically that will see a reduction in the use of the Swift communication system, according to Mike Tirant, acting head of the banking services division at the central bank.

The new electronic funds transfer system, expected to be live in six months, aims to deliver same-day settlement for payments made by customers across all the country's banks. It will enable customers to access a generic payment platform online, and

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