Representatives from our banking sector
Our key stakeholders
CBSI Board of Directors, Management and Staff, Media
Ladies and gentlemen,
Good morning, everyone.
Today is an important day for the Central Bank, our commercial banks,
and most importantly, the people of Solomon Islands.
We are officially introducing the Instant Funds Transfer, or IFT, service
through SOLATS – the Solomon Islands Automated Transfer System.
What does IFT mean for an ordinary Solomon Islander?
The idea is very simple.
If you have money in your bank account and you want to send it to
someone who banks with another participating bank, IFT will allow that
money to be transferred much faster between the banks.
Think about a parent in Honiara sending money to a son or daughter for
school expenses. Think about someone sending money to relatives who
urgently need assistance. Or think about a small business owner who has
supplied goods and is waiting for a customer to pay.
The ability to move money faster can make a real difference.
This is why today's launch is important
It is not simply about introducing another banking system, but about making our payment system work better for our people.
SBD5,000 Transaction Limit
As we begin IFT, the maximum amount for a single customer IFT transaction will be SBD5,000.
This limit is important during the early operation of the service.
It allows the Central Bank and participating banks to monitor how the system performs, identify risks and make improvements as people become familiar with using IFT.
The limit can be reviewed in the future as the service develops and our experience with the system grows.
Faster Payments Must Also Be Safe
While we want payments to move faster, faster must also mean safe and secure.
This is why we have established the - SOLATS Business Rules.
In simple terms, these are the rules that all participating banks must follow when using the system.
Just as we need road rules to keep vehicles moving safely, we need payment system rules to make sure money moves safely between banks.
These rules tell participating institutions how to process transactions, how to handle problems, and what responsibilities each institution has.
The Central Bank expects every participant to follow these rules.
Protecting the Financial System
We must also remember that faster payments can create new risks.
Banks must continue to know their customers and monitor transactions. Our requirements relating to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) remain very important.
The SBD5,000 limit does not remove these responsibilities.
Banks must continue to watch for suspicious activities, including attempts to break larger payments into smaller transactions simply to avoid controls.
Our message is therefore clear: we want payments to be fast, but we also want them to be safe.
Supporting Our Economy
IFT is also important for the wider Solomon Islands economy.
When people can move money more easily, businesses can receive payments faster, families can make payments more conveniently, and we can gradually reduce our heavy dependence on cash.
It also supports the country's move towards a more digital economy.
SOLATS provides the infrastructure that connects our participating financial institutions. IFT is another important service being added to that infrastructure.
As the system develops, it can also provide a stronger foundation for future payment services and greater interoperability across our financial system.
Expectations Going Forward
To our participating banks, I encourage you to make IFT simple, affordable, reliable, and secure for your customers.
The real success of IFT will not be measured simply by whether the technology works.
Success will be measured by whether ordinary Solomon Islanders find it useful.
Can a parent send money more easily?
Can a small business receive its payment faster?
Can people make payments with greater confidence?
If we can achieve these things, then we are moving in the right direction.
I acknowledge our commercial banks, the CBSI teams, our technology partner Montran, and everyone who has worked to bring us to this point.
Declaration
It therefore gives me great pleasure, on behalf of the Central Bank of Solomon Islands, to formally state here that the Instant Funds Transfer module of SOLATS, is ready.
Our goal is simple:
Faster payments. Safe payments. And a payment system that works better for the people of Solomon Islands.
With those words, I officially declare the SOLATS Instant Funds Transfer (IFT) service, operational.
Tagio tumas