Central Bank of Solomon Islands launches Instant Funds Transfer service

The Central Bank of Solomon Islands (CBSI) has officially launched the Instant Funds Transfer (IFT) service. This new feature of the Solomon Islands Automated Transfer System (SOLATS) enables customers to transfer money between participating banks more rapidly than previous arrangements allowed.

Deputy Governor Raynold Moveni stated that the service is intended to make the national payment system work more effectively for the people of Solomon Islands, facilitating everyday transactions such as school expense payments, family support, and small business commerce.

To ensure a safe rollout, the CBSI has implemented a transaction limit of SBD5,000 per single customer transfer. This cap allows the central bank and participating institutions to monitor the system, manage risks, and implement improvements as usage grows. The service is governed by SOLATS Business Rules and requires participating banks to maintain compliance with anti-money laundering and countering the financing of terrorism regulations.