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Central Bank: Progress payments system leaders to control the flow of funds

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rocky
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Central Bank: Progress payments system leaders to control the flow of funds

Post by rocky on Thu 05 Apr 2018, 2:52 am

Central Bank: Progress payments system leaders to control the flow of funds







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The central bank confirmed Thursday that the progress of the Iraqi payment system during the last period has led to a large control over the flow of funds inside Iraq and the provision of a comprehensive and accurate database of all remittances within the financial and banking sector through a number of measures and precautions implemented. Including the modernization of the payments system in all its components according to international standards. 
The bank said in a statement received by "Economy News" that "this modernization was aimed at absorbing the increasing volume of transactions carried out through this system to be easily compatible with the various banking systems. One of the most important systems operating in the Central Bank is the RTGS, In 2006 and the C-ACH Clearinghouse System implemented in 2011, which provides a comprehensive database of all transfers for the settlement of electronic instruments and inter-bank payment orders. " 
He added that the central bank issued a set of instructions and precautions for banks to reduce the risk of exchange of sukuk through the system. He pointed out that the central bank directed to the establishment of the National Payments Council of Iraq, which includes members from within and outside the central bank, which contributes to the development of strategies to develop payment and settlement systems Follow up their implementation, and promote international best practice.
"The Bank has implemented a number of measures, including the implementation of IBAN, which aims to unify the bank account numbers of all banks operating in Iraq, which allows banks to verify the validity of the transferred account number. Iraq has 23 ranks, and has been included in the list of countries that deal with the international number, which does not accept domestic or foreign transfers only within the criteria of the international number.
He pointed out that "in terms of the precautionary measures taken to govern the transfer of funds, especially with regard to electronic instruments, which are transmitted through the system of electronic clearing and high amounts have been standardized security specifications of electronic instruments drawn on banks for the purpose of preventing fraud," as well as adding new functions of the system for the purpose of To enable banks and their branches to control the process of sending and receiving instruments and to prevent the passing of forged or stolen instruments by adding the function of ratification of the instrument by the withdrawn branch for the government banks to be settled on time, It enables the bank to stop any instrument and its location in case of theft or fraud. 
He explained that "the bank implemented the system of internal clearing between the branches of the same bank, which enables government banks that do not have a comprehensive banking system from the completion of all transfers of branches and provide a comprehensive database to conduct the process of matching efficiently between public administrations and branches. 
The statement continued, "One of the important projects that the Central Bank has implemented is the retail payment system infrastructure, which consists of the national division that supports inter-bank clearing for transfers made by customers and transactions through the use of ATM machines and points of sale through cards Which is linked to the bank account, and the system of mutual payment by mobile phone, where funds will be transferred through e-wallets without the need for a bank account, and can also make transfers for payment of bills and shopping. 
Recently, the project of settling the salaries of state employees, based on the decisions of the General Secretariat of the Council of Ministers No. 313 and 281, the transfer of the system of payment of salaries to employees, including allocations and benefits to an electronic payment system. By opening bank accounts for employees in banks (government and private and branches of foreign banks) and issuing city cards linked to the account to withdraw the salary through ATMs or through the process of buying from points of sale at the lowest possible cost, as well as benefit from other banking services (such as loans, Online purchases, savings accounts, etc.). As this project contributed to the provision of liquidity within the banking sector and the optimum use of financial and banking services inside and outside Iraq.



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the central bank announces its control over the flow of funds inside Iraq

Post by rocky on Thu 05 Apr 2018, 3:24 am

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the central bank announces its control over the flow of funds inside Iraq[/size]
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The Central Bank of Iraq said on Thursday that the progress of the Iraqi payment system during the past period led to "large" control over the flow of funds inside Iraq and provide a comprehensive and accurate database of all transfers within the financial sector and banking, The measures and precautions that have been implemented and are currently working on, including the modernization of the payments system in all its components according to international standards.
The bank said in a statement that the modernization was aimed at accommodating the increasing volume of transactions carried out through this system to be easily compatible with the various banking systems. The most important systems operating in the Central Bank are the RTGS system, which was implemented in 2006, The C-ACH Clearinghouse, which was implemented in 2011, provides a comprehensive database of all electronic settlement of electronic instruments and inter-bank payment orders. The Central Bank issued a set of instructions and precautions for banks to limit the risk of exchanging sukuk through the system. The Central Bank directed the establishment of the Iraqi National Payments Council, which includes members from within and outside the Central Bank, which contributes to the development of strategies for the development of payment and settlement systems and follow-up implementation, and the promotion of international best practices.
The statement pointed out that this bank to implement a number of measures taken, including the application of the IBAN, which aims to consolidate the bank account numbers for all banks operating in Iraq, which allows banks to verify the validity of the transferred account number. Iraq has been included in the list of countries that deal with the international number, which does not accept domestic or foreign transfers except within the international number standards, and in terms of the precautions taken to govern the transfer of funds, especially with regard to electronic instruments transmitted through the system The electronic security of electronic documents withdrawn to banks for the purpose of preventing fraud and the addition of new functions of the system for the purpose of enabling banks and their branches to control the process of sending and receiving instruments and preventing the passage of forged or stolen instruments through the addition of the authentication function of the instrument
 The statement pointed out that the Central Bank implemented the internal clearing system between the branches of one bank, which enables government banks that do not have a comprehensive banking system to complete all transfers of branches and provide a comprehensive database to conduct the process of matching efficiently between public administrations and branches.
The statement pointed out that one of the important projects that the Central Bank has implemented is the retail payment infrastructure project which consists of the National Bank which supports inter-bank clearing for transfers made by customers and transactions through the use of ATM machines and points of sale through credit cards which Linked to the bank account, and the system of mutual payment by mobile phone where funds will be transferred through e-wallets without the need for a bank account, and can also make transfers for payment of bills and shopping.
The statement concluded that the recent project to settle the salaries of state employees based on the decisions of the Secretariat of the Council of Ministers No. 313 and 281 to convert the system of payment of salaries to employees, including allocations and benefits to an electronic payment system. By opening bank accounts for employees in banks (government and private and branches of foreign banks) and issuing city cards linked to the account to withdraw the salary through ATMs or through the process of buying from points of sale at the lowest possible cost, as well as benefit from other banking services (such as loans, Online purchases, savings accounts, etc.). As this project contributed to the provision of liquidity within the banking sector and the optimum use of financial and banking services inside and outside Iraq.



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The central bank talks about controlling the flow of money to the financial and banking sectors

Post by rocky on Thu 05 Apr 2018, 3:36 am

The central bank talks about controlling the flow of money to the financial and banking sectors
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BAGHDAD (Reuters) - Iraq's central bank on Thursday unveiled a plan it said allowed it to control the flow of money to Iraq's financial and banking sectors.
In a statement received by "Iraq News", the bank said that "the progress of the Iraqi payments system during the past period led to a significant control over the flow of funds inside Iraq and provide a comprehensive and accurate database of all transfers within the financial and banking sector, A number of procedures and safeguards that have been implemented and are working on now, including the modernization of the payment system in all its components according to international standards.
He added that "in order to accommodate the increasing volume of transactions carried out through this system to be easily compatible with various banking systems, the most important systems operating in the Central Bank, the RTGS system implemented in 2006, and the electronic clearing system C-ACH,   which was Which was implemented in 2011, which provides a comprehensive database of all transfers for the settlement of electronic instruments and payment orders exchanged between banks. The Central Bank issued a set of instructions and precautions for banks to reduce the risk of exchange of sukuk through the system.
The central bank, according to the statement, to "the establishment of the National Payments Council of Iraq, which includes members from within and outside the Central Bank, which contributes to the development of strategies to develop payment and settlement systems and follow-up implementation, and the promotion of international best practices."
The Bank implemented a number of measures, including the implementation of IBAN,   which aims to unify the bank account numbers of all banks operating in Iraq, which allows banks to verify the validity of the transferred account number. The IBAN number for Iraq consists of 23 "He said.
He pointed out that "the inclusion of Iraq in the list of countries that deal with the international number, which does not accept domestic or foreign transfers only within the standards of the international number, and the precautionary measures taken to govern the transfer of funds, especially with regard to electronic instruments, which are transmitted through the electronic clearing system and high amounts Security standards have been unified to electronic instruments drawn on banks for the purpose of preventing fraud, as well as the addition of new functions of the system for the purpose of enabling banks and their branches to control the process of sending and receiving instruments and prevent the passage of forged or stolen instruments through the addition of functional The instrument is approved by the branch withdrawn for the government banks to be settled on time, and the suspension of instruments that enable the bank to stop any instrument and its location in case of theft or forgery.
The central bank implemented the "internal clearing system between the branches of the same bank, which enables government banks that do not have a comprehensive banking system to complete all transfers of branches and provide a comprehensive database to conduct the process of matching efficiently between public administrations and branches."
He continued, "One of the important projects that the Central Bank has implemented is the retail payment infrastructure project, which consists of the National Bank, which supports inter-bank clearing for transfers made by customers and transactions through the use of ATM machines and points of sale through credit cards. Which is linked to the bank account, and the system of mutual payment by mobile phone where funds will be transferred through e-wallets without the need for a bank account, and also can make transfers for payment of bills and shopping.
"The project of settling the salaries of state employees, based on the decisions of the General Secretariat of the Council of Ministers No. 313 and 281, the transfer of the system of payment of salaries to employees, including allocations and benefits to an electronic payment system through the opening of bank accounts for employees in banks (government and local branches of foreign banks) Linked to the account to withdraw the salary through ATMs or through the process of buying from points of sale at the lowest possible cost, as well as benefit from other banking services (such as loans, online purchase services, savings accounts ... etc.), "noting that" this The project Providing liquidity within the banking sector and optimizing the use of financial and banking services inside and outside Iraq. " Finished




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Central Bank: We have been able to control the financial flows inside Iraq

Post by rocky on Thu 05 Apr 2018, 3:42 am

Central Bank: We have been able to control the financial flows inside Iraq
April 05 2018 11:28 p
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[rtl][rtl]central bank[/rtl]
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Baghdad Post
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The central bank said on Thursday that the Iraqi payment system during the past period enabled it to control significantly the flow of money inside Iraq. 

The bank said in a statement that "this modernization was aimed at accommodating the increasing volume of transactions carried out through this system to be easily compatible with the various banking systems. Among the most important systems operating in the Central Bank is the RTGS system implemented in 2006, C-ACH Clearinghouse, which was implemented in 2011, which provides a comprehensive database of all transfers for the settlement of electronic instruments and payment orders exchanged between banks.

He added that the Central Bank issued a set of instructions and precautions for banks to reduce the risk of exchange of sukuk through the system. He pointed out that the central bank's direction to establish the National Payments Council of Iraq, which includes members from within and outside the Central Bank, which contributes to the development of strategies to develop payment and settlement systems Follow up their implementation, and promote international best practice. 

"The Bank has implemented a number of measures, including the implementation of IBAN, which aims to unify the bank account numbers of all banks operating in Iraq, which allows banks to verify the validity of the transferred account number. Iraq has 23 ranks, and has been included in the list of countries that deal with the international number, which does not accept domestic or foreign transfers only within the criteria of the international number. 
Count



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Re: Central Bank: Progress payments system leaders to control the flow of funds

Post by Proven on Thu 05 Apr 2018, 9:41 am

Thanks Rocky.


Electronic banking in place.  
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Re: Central Bank: Progress payments system leaders to control the flow of funds

Post by Lobo on Thu 05 Apr 2018, 11:50 am

Thanks Rocky, great news.
hi hi hi

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Re: Central Bank: Progress payments system leaders to control the flow of funds

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