CBSI launches Instant Funds Transfer, enabling faster bank-to-bank payments with a SBD5,000 transaction limit.
Honiara, Solomon Islands — The Central Bank of Solomon Islands (CBSI) has officially launched the Instant Funds Transfer (IFT) service, allowing customers to transfer money between participating banks faster.
The new service is a feature of the Solomon Islands Automated Transfer System (SOLATS) and is aimed at improving the country’s payment system and making transactions more convenient for Solomon Islanders.
Speaking at the launch, CBSI Deputy Governor Raynold Moveni said the introduction of IFT was an important step for the country’s payment system.
“Today is an important day for the Central Bank, our commercial banks, and most importantly, the people of Solomon Islands. This is not simply about introducing another banking system, but about making our payment system work better for our people.”
Under IFT, customers can transfer funds from their account to someone banking with another participating institution, with transactions processed faster than under existing arrangements.
The service could benefit everyday transactions, including parents sending money to children for school expenses, families supporting relatives in urgent need and small businesses receiving payments from customers.
SBD5,000 Transaction Limit
For the initial rollout, CBSI has set a maximum limit of SBD5,000 for a single customer IFT transaction.
CBSI said the limit will allow the Central Bank and participating banks to monitor the system, identify potential risks and make improvements as usage increases. The limit may be reviewed as the service develops.
Safety and Compliance
To support secure transactions, CBSI has established SOLATS Business Rules outlining how participating banks must process transactions, manage problems and meet their responsibilities within the system.
Participating banks must also continue to comply with Anti-Money Laundering and Countering the Financing of Terrorism requirements, including monitoring suspicious activity such as structuring, where larger payments are split into smaller transactions to avoid controls.
CBSI stressed that the SBD5,000 limit does not reduce these compliance obligations.
Supporting a Digital Economy
CBSI said IFT is expected to support the wider economy by allowing businesses to receive payments faster, giving families more convenient payment options and reducing reliance on cash.
The service also strengthens the SOLATS infrastructure connecting financial institutions and provides a foundation for future payment services and greater interoperability across the financial system.
CBSI called on participating banks to ensure IFT remains simple, affordable, reliable and secure for customers.
Deputy Governor Moveni acknowledged the commercial banks, CBSI teams and technology partner Montran for their work in bringing the service into operation.
He formally declared the Instant Funds Transfer module of SOLATS operational.
“Our goal is simple: faster payments, safe payments, and a payment system that works better for the people of Solomon Islands.”
SOURCE// CBSI PRESS RELEASE
