Central Bank Gets Instant Interbank Transfers Going

Central bank “Bank Al-Maghrib”, in partnership with the Moroccan Interbank Clearing System (GSIMT), has announced the launch of instant interbank transfers to facilitate cashless payments in Morocco, said a statement by the Bank.
The electronic payment service enables individuals to transfer funds from their bank accounts to other banks in less than 20 seconds, a major step in modernizing the country’s payment systems.
The instant round-the-clock interbank transfer service will have a maximum limit of 20,000 dirhams and will be free of charge for three months for clients under the customer category. Fees will be set by each bank following the trial period.
GSIMT implemented an instant transfer platform that adheres to ISO 20022 messaging standards and meets international security and business continuity standards.
This initiative will facilitate daily operations for individuals and businesses, enabling quick and safe money transfers between banks.