SIBS launches East Timor first interbank electronic system

SIBS launches East Timor first interbank electronic system

SIBS implemented East Timor first interbank electronic system, the P24 that, at an early stage, will cover the clients of the Portuguese BNU and the Indonesian Mandiri, being ongoing the internal integration process in the Timoreses BNCTL and BRI. The network covers ATM and POS installed in the commercial establishments, with access to the main banking transactions.

Gradually, the network will accept international cards of Visa brand and, later, from other networks such as Mastercard and Union Pay.

The project also includes a interconnection between the telecom companies (Timor Telecom, Telemor and Telkomcel), allowing the Moile Money system development.

The East Timor Central Bank Governor, Abrão de Vasconcelos, highlighted the historical nature of this “important transformation event in the East Timor financial system”, that allow to enhance the country’ payment system access and to strengthen the national strategy fot the Timorese financial system development.

When fully operational, the new interbank network will also allow taxes payments, operations that are now being made, nearly overall, at the BNU desks.

SIBS gives once again its value contribution for the development of a digital economy, exporting its know how to other geographies. SIBS is already in more than 10 different geographies such as Nigeria, Algeria, Poland and Angola.