Since its creation, HPS Switch has enabled Moroccan cards to be accepted at all ATMs and payment terminals in Morocco. But its status remained that of a private service provider, dependent on an interbank agreement rather than a clear regulatory status.
With the transformation of the Financial Market Infrastructure (FMI) under the supervision of Bank Al-Maghrib, SWAM becomes « a system of economic importance » aligned with the principles for financial market infrastructures of the Bank for International Settlements (BIS).
« The MFI status underscores SWAM’s central role in Morocco’s payments ecosystem. It embodies a balance between innovation driven by an agile Moroccan player and rigorous supervision by regulators, at the service of electronic payment and digital trust in our country », said Hanae Ben Driss, Managing Director of SWAM.
As an MFI, SWAM is now subject to a demanding body of legislation: from Law 09-08 on the protection of personal data to the national directive on the security of information systems, via Law 05-20 on cybersecurity.
This regulation seeks not only to guarantee network resilience and security, but also to establish a « public interest » mission by which SWAM claims to be « guided. »
Active-Active infrastructure for instantaneous response
« This Active-Active infrastructure will enable SWAM to support the development of electronic payments and provide the Moroccan financial ecosystem with an even more robust, reliable and secure foundation »
The growth of the digital economy has prompted SWAM to rethink its technical architecture: the platform is now based on an Active-Active mode, distributing traffic between two datacenters to ensure high availability and instant recovery in the event of failure.
« This very high availability infrastructure is an essential milestone in our national roadmap. It will enable SWAM to support the development of electronic payments and provide the Moroccan financial ecosystem with an even more robust, reliable and secure foundation », points out Ben Driss.
These technical efforts come at a time when the volume of transactions continues to explode: in 2024, SWAM processed 401 million card payments, over 14 million ATM withdrawals and 5.3 million mobile wallet payments, according to figures revealed by the group.
With nearly 20 million cards and 10 million active wallets, the operator is now preparing to roll out an instant payment service in the coming months, along the lines of those already in place in Brazil, India and Turkey.
Beyond technical performance, SWAM intends to play an « inclusive » role, opening up its system to fintechs, payment institutions and new carriers of digital solutions. The 48 registered participants already include the country’s leading banks, acquirers and fintechs, as well as telecom operators and international processors.
By streamlining the switching infrastructure and placing it under a national regulatory regime, the Moroccan authorities are strengthening their control over a key link in the digital economy. The stakes go beyond the simple fluidity of payments: the aim is to ensure the sovereignty of financial flows, protect user data and guarantee resilience in the face of cyber threats.
« We are developing products whose aim is to bring concrete value to the merchant thanks to this immediacy, while guaranteeing secure transaction acceptance »
Regarding the spread of instant payment among merchants, especially the smaller ones and convenience stores, « it’s essential to secure the receipt of trade funds as quickly as possible: that’s why we’re aiming for instant payment« , confides Ben Driss in a statement to TelQuel.
He adds: « We are developing products whose aim is to bring concrete value to the merchant thanks to this immediacy, while guaranteeing the secure acceptance of transactions. At the same time, we anticipate risks to ensure the reliability of the service.«
The system’s interoperability aims to rationalize and mutualize infrastructures, reducing costs for all participants. « This economy of scale means that we can offer merchants payment acquisition rates that are among the most competitive on the market« , notes Ben Driss.
« A whole ecosystem of fintechs is developing to provide valuable added value and further consolidate merchant confidence, » said Ben Driss.
Written by ElMehdi El Azhary in French; edited in English by AngloMedia Group.
