Honiara, Solomon Islands —The Central Bank of Solomon Islands (CBSI) today
officially launched the Instant Funds Transfer (IFT) service, a new feature of the
Solomon Islands Automated Transfer System (SOLATS) that will allow customers to
send money between participating banks faster than ever before.
Speaking at the launch, the Deputy Governor, Raynold Moveni, said the introduction of
IFT marks an important step forward for the country's payment system and for ordinary
Solomon Islanders.
"Today is an important day for the Central Bank, our commercial banks, and most
importantly, the people of Solomon Islands," the Deputy Governor said. "This is not
simply about introducing another banking system, but about making our payment
system work better for our people."
What IFT Means for Solomon Islanders
IFT allows a customer with funds in their bank account to transfer money to someone
who banks with another participating institution, with the transfer processed much
faster than under current arrangements. This is convenient in everyday scenarios where
the service could make a real difference. For instance, a parent in Honiara sending
money to a child for school expenses, families supporting relatives in urgent need, or a
small business owner waiting on payment from a customer.
SBD5,000 Transaction Limit
To support a safe rollout, a maximum limit of SBD5,000 has been set for a single
customer IFT transaction. The Central Bank said this limit will allow it and participating
banks to monitor the system's performance, identify risks, and make improvements as
usage grows. The limit will be reviewed in future as the service develops.
Safety and Compliance Safeguard
To ensure the faster payments remain secure, the Central Bank has established the
SOLATS Business Rules, which set out how participating banks must process
transactions, handle problems, and meet their responsibilities within the system.
The Deputy Governor emphasised that participating banks must continue to meet their
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)
obligations, including monitoring for suspicious activity such as structuring the practice
of splitting larger payments into smaller transactions to avoid controls. The SBD5,000
limit does not reduce these responsibilities.
Supporting a Digital Economy
The CBSI noted that IFT is expected to benefit the wider Solomon Islands economy by
enabling businesses to receive payments faster, giving families more convenient ways
to pay, and reducing reliance on cash. The service also adds to the SOLATS
infrastructure connecting the country's financial institutions, laying a foundation for
future payment services and greater interoperability across the financial system.
Looking Ahead
The CBSI called on participating banks to make IFT simple, affordable, reliable, and
secure for their customers, noting that its success will ultimately be measured by
whether ordinary Solomon Islanders find it useful whether a parent can send money
more easily, a small business can be paid faster, and people can transact with greater
confidence.
Deputy Governor acknowledged the commercial banks, CBSI teams, and technology
partner Montran for their work in bringing the service to launch and 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," Deputy Governor Moveni said.
— ENDS —
For more information, contact the Central Bank of Solomon Islands (CBSI) on 21791
or Email: info@cbsi.com.sb | Website: www.cbsi.com.sb