This innovative addition aims to simplify the process of conducting large-scale payments, catering to various financial requirements such as salary disbursements, allowances, bonuses, dividends, pensions, and other multi-credit transfers.
Bank of Maldives
In a bid to enhance convenience and efficiency for businesses, the Bank of Maldives (BML) has recently launched bulk payment services on its Internet Banking platform. This innovative addition aims to simplify the process of conducting large-scale payments, catering to various financial requirements such as salary disbursements, allowances, bonuses, dividends, pensions, and other multi-credit transfers.
With the introduction of this service, registered businesses gain the capability to seamlessly execute bulk payments in Maldivian Rufiyaa (MVR) and United States Dollar (USD) denominations to multiple BML accounts. This feature not only offers a time-saving solution but also minimizes the administrative burden associated with individual transactions.
We are pleased to move away from the manual process to an automated service for businesses that process multiple transfers. With this change, Internet Banking allows bulk payments of multiple types, flags duplicate records and checks payment status of individual payments to offer a much more seamless process.
To avail themselves of this convenient facility, businesses need to complete a straightforward registration process. Once registered, they can effortlessly submit bulk payment requests along with the necessary supporting documentation via the Internet Banking platform. Importantly, this service is provided to businesses free of charge, further incentivizing its adoption and utilization.
The introduction of bulk payment services by Bank of Maldives represents a significant stride towards modernizing and streamlining business operations in the Maldives. By leveraging digital solutions, BML is facilitating a more efficient financial ecosystem that aligns with the evolving needs of businesses, both large and small.
Digitalization is a key pillar in our strategy and with diligent focus on making banking better, we remain committed to delivering fast, relevant, and easy experiences for our customers. We have been the Bank to bring in many firsts to the country and we will continue to work with innovation partners to introduce cutting edge technology solutions to our customers
One of the key advantages of this service is its ability to ensure timely and hassle-free payments to employees. In today's fast-paced business environment, where timeliness is paramount, the capability to process salary payments promptly is invaluable. By enabling businesses to execute bulk payments seamlessly, BML is contributing to the overall welfare of employees by helping ensure they receive their salaries on time, thereby enhancing financial stability and peace of mind.
