The Reserve Bank of Vanuatu recently launched a digital payment platform called Vanklia that allows automated clearing house (ACH) transfers as well as real-time gross settlements. The ACH system is designed for lower-value batch payments such as salaries and retail payments, while the gross settlements system conveys larger payments between institutions on a real-time basis. Among the goals of Vanklia is to reduce delays caused by the manual processing of payments.
Reserve Bank of Vanuatu Governor Simeon Athy predicted that the service “will also enable our banks and financial services companies to create new digital services, offering more choice for consumers and driving inclusive economic development.”
The International Finance Corporation, a member of the World Bank Group, assisted with the implementation of Vanklia, having completed similar projects in Fiji, Papua New Guinea and Samoa. IFC, which works in 100 countries, committed USD 43 billion to low- and middle-income economies during the 2023 fiscal year.
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2023, it has 189 member nations. The group encompasses (1) IFC; (2) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
IFC press release on Vanklia
https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27738
Reserve Bank of Vanuatu homepage
https://www.rbv.gov
IFC homepage
https://www.ifc.org
Previous MicroCapital article on World Bank Group
https://www.microcapital.org/microcapital-brief-world-bank-groups-ibrd-lending-400m-to-industrial-development-bank-of-turkey-tskb-for-smes-women-inclusive-enterprises-businesses-serving-syrian-ref/
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