Solomon Islands’ New Digital Payment System to Increase Access to Banking, Support Economy

Launched and overseen by the Central Bank of Solomon Islands (CBSI), the Solomons Automated Transfer System (SOLATS) is a real time gross settlement payment system that will secure transactions, protecting customers and businesses from fraud. It will also simplify transactions for purchasing goods or sending money and will make payment options easier, including electronic and mobile.

Digital payment systems are important to help drive economic development and bring more people into the formal financial system. According to a survey conducted in 2015, more than 30 percent of adult Solomon Islanders do not have a bank account and lack access to banking services, which means most people rely on cash.

The new platform replaces manual transfers between banks that relied on cheques and caused delays in clearing funds, slowing commerce and economic activity. Over time, SOLATS is expected to help reduce people's reliance on cheques and cash in Solomon Islands.

CBSI will also shortly launch a Central Securities Depository, a financial market platform based on an electronic registry holding all government and central bank securities. The Central Securities Depository will be linked to SOLATS in real time, ensuring the safekeeping and accurate recording of securities transactions, increasing efficiency in securities trading, and supporting the development of Solomon Islands' capital markets.