Vanuatu has adopted VANKLIA, a new national digital payment platform to strengthen its digital economy and promote financial inclusion.
Launched by the Reserve Bank of Vanuatu, the VANKLIA system is expected to increase access to banking and financial services and encourage more people to open a bank account.
The VANKLIA system has two main components: a Real-Time Gross Settlement component which carries out high value and high priority payments and settlement in real time; and an Automated Clearing House component which facilitates the clearing of low value, high volume electronic fund transfers for batch payments such as salary payments and instant fund transfers for retail payments.
Officials from the Reserve Bank of Vanuatu said this development for Vanuatu's financial system will enable safe, rapid, and efficient transfer of money and financial instruments.
The nation's new electronic payment platform will support financial transactions and the broader economy. This is a crucial step in the country’s path to growing its digital economy. It will also enable Vanuatu’s banks and financial services companies to create new digital services, offering more choice for consumers and driving inclusive economic development.