Palestine Monetary Authority signed an agreement with MONTRAN Corporation to implement the “Instant Payment System” in Palestine
Palestine Monetary Authority Governor, Dr. Feras Melhem, signed a contractual agreement with MONTRAN Corporation which has its headquarters in New York, USA and represented by Mr. Matt Walsh the Sales Manager. According to this agreement, the company will provide, implement and support the "Instant Payment System" in Palestine.
Dr. Melhim stated that introducing the instant payment system comes as a part of the PMA strategy of continuous improvement in national infrastructure of retail-payment in Palestine. , and to achieve the interoperability among all participants according to the latest international standards.
Dr. Melhim also indicated that the system will contribute in reducing cash usage by expanding the access to electronic payment channels that are more widespread and less expensive, in secure and high available environment, which in turn will enhance the financial inclusion strategy, as well as promoting the market competition among the various financial institutions in Palestine and directing them effectively towards targeting new categories. In addition to make payments and money transfer through mobile applications on a 24/7 basis.
Mr. Matt Walsh expressed MONTRAN's appreciation to sign this agreement with PMA to implement the instant payment system in Palestine, indicating that this strategic project will enhance the role of the PMA as an innovative technical and financial pioneer in the region, assuring MONTRAN's aspiration to continue the long-term and strategic partnership between the two parties in the future.