Timor-Leste’s (East Timor’s) first electronic banking system, developed by Portuguese company Sociedade Interbancaria de Serviços (SIBS), will initially be used by two of the country’s five commercial banks, the Central Bank of Timor-Leste (BCTL) reported.
“The P24 we are launching today represents the commitment of the East Timorese banking sector to creating a modern payment system to help the public carry out transactions more efficiently,” said BCTL deputy governor Venâncio Alves Maria, quoted by Portuguese news agency Lusa.
SIBS was contracted by the Central Bank of Timor-Leste to develop the first electronic interbanking system that will allow customers of all banks operating in the country to access the same network.
Designed to operate in four languages, Portuguese, Tetum, English and Indonesian, P24 will make it possible, when fully developed, to cover transactions or payments at ATMs, points of sale and on mobile phones.
The system will initially include clients of Portuguese bank Banco Nacional Ultramarino and Indonesian bank Mandiri, and the process of including Timorese bank Banco Nacional de Comércio de Timor-Leste (BNCTL) and Bank Rakyat Indonesia (BRI) is still underway.
The network covers both ATMs and points of sale installed in commercial establishments, providing access to the main banking transactions, according to information released by the BCTL, progressively accepting Visa-branded international cards and, later, cards of other networks, including MasterCard and UnionPay.
The project also includes the interconnection between the telecommunications operators (Timor Telecom, Telemor and Telkomcel), allowing the development of the Mobile Money system. (macauhub)