Payments system and legal framework for payment and settlement systems
July 12th, 2017
Iraq has one of the most advanced electronic payment systems in the world. It is responsible for the exchange of payment orders between banks automatically and using a safe and effective network system.
The Central Bank of Iraq to operate and manage the settlement of accounts between the participants to ensure the safety and efficiency of payment systems and clearing operations.
Iraqi payment systems consists of the following parts:
The total settlement system in real time
Automatic clearing system
Government securities registration system
It seeks and the Iraqi Central Bank is keen to limit the use of cash (CASH) in the country, and the challenge of geography and security issues remaining to make the transfer of money across the country is difficult and risky. Thus moving efforts to automate the processes of settlement checks and salaries and activating automation of electronic card systems, to keep more cash in bank accounts.
Other events, which have been achieved in this regard is the automation of the primary market for the system of government securities, which began to work on them by the Central Bank of Iraq and in consultation with the Ministry of Finance in 2008, while seeking to automate commercial secondary market events which will hopefully work on them soon.
Legal framework for payment and settlement systems
The legal framework for the work of banks and the Central Bank of Iraq in this indicated systems under the Banking Act on 19 September / September 2003, and the law of the Iraqi Central Bank on March 6 / March 2004. The objective of the Central Bank of Iraq in the age of these laws was in line with international banking standards, and seek to strengthen confidence in the economy through the establishment of a secure environment and a sound banking system and competitive available to all. The aim of the Central Bank of Iraq with the support of these laws is to maintain domestic price stability, enhance competitiveness and build a stable financial system.
According to the Central Bank of Iraq Act of 2004 was the organization of work between the participants and the Central Bank of Iraq through contracts prepared for this purpose to ensure the protection of the legal rights of all.
Is currently the Central Bank of Iraq with local and third parties in order to issue a special law with all electronic payment systems to be working within a sound legal environment.
The legislation of the Securities Act and published in the April / April 2004. It also highlights the need for legislation more advanced laws to cover the activities of the private sector in the stock market as well as the organization of primary and secondary markets for government securities.
Issuance of electronic signature law and electronic transactions No. 78 of 2012.
Issuance of electronic payment services funds Regulation No. (3) for the year 2014, which regulates the work of electronic payment services providers in Iraq.
Instructing technical and financial providers for electronic payment of funds services
Version controls to participate in the infrastructure of the retail payment system.
We are currently reviewing all the paragraphs of the Iraqi Central Bank Law Pmaatanasb the current work and developments.
The granting of licenses to companies licensed Kmzoda electronic payment services by the Bank:
- Spectrum Financial convertible (source of cards).
- Iraq Gate Company (source collector cards and processor).
- Arab Technology Company (source collector cards and processor).
- Company Asia Money payment services via mobile phone.
- Iraq 's portfolio of payment services company by mobile phone.
- global smart card (source) in the process of completing licensing requirements.
- money company (collector) in the process of completing the requirements Altrechay
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July 12th, 2017
Iraq has one of the most advanced electronic payment systems in the world. It is responsible for the exchange of payment orders between banks automatically and using a safe and effective network system.
The Central Bank of Iraq to operate and manage the settlement of accounts between the participants to ensure the safety and efficiency of payment systems and clearing operations.
Iraqi payment systems consists of the following parts:
The total settlement system in real time
Automatic clearing system
Government securities registration system
It seeks and the Iraqi Central Bank is keen to limit the use of cash (CASH) in the country, and the challenge of geography and security issues remaining to make the transfer of money across the country is difficult and risky. Thus moving efforts to automate the processes of settlement checks and salaries and activating automation of electronic card systems, to keep more cash in bank accounts.
Other events, which have been achieved in this regard is the automation of the primary market for the system of government securities, which began to work on them by the Central Bank of Iraq and in consultation with the Ministry of Finance in 2008, while seeking to automate commercial secondary market events which will hopefully work on them soon.
Legal framework for payment and settlement systems
The legal framework for the work of banks and the Central Bank of Iraq in this indicated systems under the Banking Act on 19 September / September 2003, and the law of the Iraqi Central Bank on March 6 / March 2004. The objective of the Central Bank of Iraq in the age of these laws was in line with international banking standards, and seek to strengthen confidence in the economy through the establishment of a secure environment and a sound banking system and competitive available to all. The aim of the Central Bank of Iraq with the support of these laws is to maintain domestic price stability, enhance competitiveness and build a stable financial system.
According to the Central Bank of Iraq Act of 2004 was the organization of work between the participants and the Central Bank of Iraq through contracts prepared for this purpose to ensure the protection of the legal rights of all.
Is currently the Central Bank of Iraq with local and third parties in order to issue a special law with all electronic payment systems to be working within a sound legal environment.
The legislation of the Securities Act and published in the April / April 2004. It also highlights the need for legislation more advanced laws to cover the activities of the private sector in the stock market as well as the organization of primary and secondary markets for government securities.
Issuance of electronic signature law and electronic transactions No. 78 of 2012.
Issuance of electronic payment services funds Regulation No. (3) for the year 2014, which regulates the work of electronic payment services providers in Iraq.
Instructing technical and financial providers for electronic payment of funds services
Version controls to participate in the infrastructure of the retail payment system.
We are currently reviewing all the paragraphs of the Iraqi Central Bank Law Pmaatanasb the current work and developments.
The granting of licenses to companies licensed Kmzoda electronic payment services by the Bank:
- Spectrum Financial convertible (source of cards).
- Iraq Gate Company (source collector cards and processor).
- Arab Technology Company (source collector cards and processor).
- Company Asia Money payment services via mobile phone.
- Iraq 's portfolio of payment services company by mobile phone.
- global smart card (source) in the process of completing licensing requirements.
- money company (collector) in the process of completing the requirements Altrechay
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