Central Bank: Progress payments system led to control the flow of money

Central Bank: Progress payments system led to control the flow of money

2018/4/5 10:55



The Central Bank of Iraq said that the progress of the work 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 database and accurate on all transfers within the scope of the financial sector and banking, through a groupof 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.
A statement issued by the bank received the agency {Euphrates News} a copy of it, "This update was aimed at absorbing the increasing volume of transactions that are carried out through this system to be easily compatible with various banking systems, and the most important systems operating in the Central Bank, the RTGS system implemented In 2006 and the C-ACH Clearinghouse System, which was implemented in 2011, which provides a comprehensive database of all transfers for the settlement of electronic instruments and inter-bank payment orders. "
"The central bank has issued a set of instructions and precautions for banks to reduce the risk of exchange of sukuk through the system."
According to the statement, the Central Bank of Iraq, which includes members from within and outside the central bank, will contribute to the development of strategies for the development of payment and settlement systems and follow up their implementation, and to promote international best practices.
He pointed out that "the bank has implemented a number of measures taken, including the application of the IBAN, which aims to unify the bank account numbers of all banks operating in Iraq, which allows banks to verify the validity of the account number transferred to him. The country 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 of standards, and in terms of the precautions taken to govern the transfer of funds especially in relation to the electronic instruments that are transmitted through the In addition, the security standards have been standardized for electronic instruments drawn on banks for the purpose of preventing them from forgery, as well as the addition of new functions for the system to enable banks and their branches to control the process of sending and receiving instruments and preventing the passing of forged or stolen instruments. Drawn on it 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 the case of theft or forgery.
"The Central Bank also 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.
The statement pointed out that "one of the important projects that the Central Bank has implemented the infrastructure project of the payment system, which consists of the National Retail Bank, which supports the clearing between banks for transfers by customers and transactions that are using 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.
He pointed out that "recently came the project of localization of 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 through the opening of bank accounts for employees in banks (government and civil and branches of foreign banks) A city associated with 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), where this project contributed to Fair liquidity within the banking sector and optimize the use of financial and banking services inside and outside Iraq. "

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