Technological advancements in the payments space have paved the way for mobile payment transactions that allow real-time transactions to be initiated by utilizing existing payment systems such as ACH and RTGS. These advancements have a direct correlation with the efficiency, safety, cost and access of electronic payments. However, the key concern continues to be the interoperability as subscribers with different Payment Service Providers (PSPs) are unable to send and receive payment messages freely. Hence, the need for introducing a switching and routing mechanism between the different PSPs was becoming a necessary development in payments infrastructure.

CBO in its capacity as the central banking authority, operator and regulator has embarked upon the Mobile Payment Clearing and Switching System an interoperable mobile payment switching and clearing central infrastructure that connects the customers through their PSPs for the smooth exchange of mobile payment financial transactions. Apart from its role as a switching and clearing platform, Mobile Payment Clearing and Switching System also facilitates the reporting requirements and monitoring services to the central bank.