Bank Al-Maghrib and the Groupement pour un Système Interbancaire Marocain de Télécompensation (GSIMT) announce the launch, from June 1, 2023, of instant interbank transfers, as part of the objectives aimed at modernizing payment systems.
This new electronic payment service allows anyone to transfer money, in less than 20 seconds, from their account held at a bank to another account opened at another bank, indicates a joint press release from Bank Al-Maghrib and the Grouping for a Moroccan Interbank Clearing System.
The instant transfer is capped for a transitional period at an amount of 20,000 dirhams and will be offered free of charge to “Individual” customers for three months. After this period, it will be charged at the discretion of each bank, notes the press release, specifying that this service will be available every day of the week 24 hours a day.
The instant transfer platform was set up by the GSIMT in its capacity as manager of the payment system, responsible for the automated processing and clearing of exchanges of non-cash means of payment other than bank cards.
This platform complies with the ISO 20022 international message standard and also meets the best international security and business continuity standards.
The Instant Transfer is carried out by the issuer through the channels made available to it by its bank via the mobile application, the website or at the level of the branch network.
The execution of the instantaneous transfer is done according to the following steps: The sender informs the identity of the beneficiary, his Bank Identity Statement (RIB) as well as the amount to be transferred; the beneficiary’s institution confirms receipt of the transfer and instantly credits its client’s account with the amount received; and finally, the issuer’s institution immediately informs its client of the completion of this operation.
The instant transfer service is available every day of the week, 24 hours a day, digitally and during the opening hours of bank branches for transactions carried out at these branches.
For more information, an explanatory video dedicated to instant interbank transfer is available through the following link: https://youtu.be/lMK2MKJap0A.