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Establishment Of The Iraqi National Payments Council !


DWS112
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Components of the payments system

July 12, 2017

Components of the payments system

 

Components of the Iraqi payments system:

It consists of the Iraqi payments system from the following systems: - 
• The total settlement of real - time system Real : Time Grosse Settlement) RTGS) 
• Clearing electronic instruments system . Check the Automated Clearing House is ) the C-ACH , ) 
• The Inter Bank to Clearing the System) site IBCS internal clearing system) 
• Central Depository System Securities Depository Securities , the Central) the CSD) 
• infrastructure payment system Retail Retail Payment system infrastructure) RPSI)

1. The total settlement Wares system (Real Time Grosse Settlement System (RTGS

  • Work with this system in Baghdad began successfully on 24/8/2006, and this system connects the Central Bank of Iraq with the main branches of banks and the Finance Ministry for the exchange of orders to pay high-value inside Iraq.
  • The activities of this system provides for the replacement of manual execution of operations and thus ended the risks arising from conducting a comprehensive settlement of the values of payments between banks.
  • Central Bank of Iraq is the owner of the system, and takes it upon himself to the inauguration of its programs in the participating sites, as well as holding training courses for users of banks who shall either administrative role of the Central Bank of Iraq is different from the most important tasks of monitoring bank accounts.
  • In the first phase of the implementation of the system of five banks in a settlement processes involved with each other, but in accordance with progressive plans developed by the central bank to expand its work where it is currently system includes all banks and branches of foreign banks and developments on leave to work in Iraq.
  • Available system security features (such as the principle of four eyes), and the Altakoel necessary for the operation of the system is provided by the Central Bank of Iraq exclusively.
  • The number of banks participating in the system (65) banks in addition to the Ministry of Finance and the National Pension Authority and the Department of the care of minors and the branches of this bank.  

2. Clearing electronic instruments System (Check Automated Clearing House System (C-ACH

  • Is a system that can participating banks and branches of the exchange of payment orders among them mechanically, and are sending net final settlement to the total settlement of real-time processing system, as well as being through the system the exchange of electronic instruments encoded ink magnetized and is retained a copy of the original instrument in section deposited in it and send an image of the instrument and its data through the branch system to the participant in the public administration system.
  • The system is run effectively on 14/9/2006 branches of major banks (Rafidain, Rasheed, Baghdad, Iraq's commercial, Middle East) in addition to the other two branches of each bank participant. It has been involved more than 19 bank so far, in addition to the branches of the Central Bank.
  • The training branches of the Central Bank staff in Basra, Irbil, Mosul and Sulaymaniyah, and the installation of the system in all branches of banks in the provinces above to activate and facilitate transfers between provinces.
  • The electronic clearing system instruments is part of the automated clearing system. The start implementing the system (Bank of Baghdad, the Middle East Bank, Credit Bank, Dar Al Salam Bank, Commercial Bank, Trade Bank of Iraq) in addition to two branches of each bank and through the gradual expansion involved in the system now (17) and most of their descendants.
  • Continue to train Iraqi banks and branches of foreign banks open gradually in Iraq for the purpose of engaging them to the system.
  • The number of banks participating in the system (59) banks in addition to the central bank.

3. The internal clearing system between the branches of one bank Inter Bank Clearing System) IBCS)

  Definition: - a 
system for the exchange of internal clearing of government banks, which does not hold a comprehensive banking system where the public administration of the bank to monitor transfers accurately and efficiently and transparently and provides data for all transfers made through this system, where the system can be branches of the participating banks to send and receive payment orders file base encoded ink magnetized instruments among themselves through the system in a way mechanism. 
- The actual operation of the system on 01.06.2016 where the number of participating banks (6) banks in addition to its affiliates.

4. Central Depository Securities System Central Securities Depository System) CSD)

  • It began working system in the month of November 2008, a system that manages government securities issued by the Central Bank of Iraq and the Finance Ministry and through this system the central bank to control the liquidity of its location.
  • The system manages the auction for government securities issued process - the primary market.
  • The system to maintain the primary record (master record), including interest payments and repayment of debt processing.
  • The system to settle transactions involving government securities in the market concluded between the participating banks - the secondary market.
  • Conservation and archiving functions.
  • Government securities registration system with a total settlement system is linked in real time to complete the financial settlement operations on the participants in the total settlement system accounts in real time. And through which money booking system to participate in bank accounts and the implementation of the process of transferring funds to the issuer and send payment instructions or details of the participants, as well as the benefits and refunds money payments when extinguishing releases
  • The government securities registration system linking with the automated clearing system, the purpose is to provide information on the positions of mortgages at the beginning of each clearing session and details on the implementation of Alrhonaleti is done through the settlement process resulting from the clearing session.
  • The number of banks participating in the system (28) In addition to the National Pension Authority and the Department of care of minors.

Infrastructure payment system Retail in Iraq , Iraqi Payment System Infrastructure) IRPSI) 
within the framework of the pursuit of modernization and development of financial and banking services in Iraq and in line with international developments in this field , the Central Bank of Iraq has sought to create the infrastructure for the payment system retail including setting up national distributor for retail sale and payment by mobile phones to transfer money electronically to the POS and ATM automatic devices, where the system provides the opportunity for the Iraqi banks and mobile network operators and access to the most modern and sophisticated cash payments. 

System components: 
1. National divider National Switch to pay for retail payments through the use of the cards. 

- national targets divided 
  o expansion using payment tools for e (Rtat, mobile phone, Internet). 
  o spread of POS and ATMs throughout Iraq. 
  o reducing the use of cash and instruments. 
  o database for all transfers and easily accessible. 
  o supervision and control electronically transfers. 
  o mobile payment Mobile Payment DVD Nasser 
  o mutual retail payment system in Iraq provides an opportunity for Iraqi banks and operators of mobile networks , mobile access to the most modern and sophisticated cash payments integrated tools will the proposed system is unique on the interoperability level where Iraq has at present many the main advantages that are expected to facilitate the adoption of the payment system , especially retail banking operations by mobile phone.

• The most important achievements taking place in the payment systems in the circle of payments 

- activate the number arithmetic Unified of the International Bank Account Number) IBAN) payments system (RTGS- ACH) isdefined as the international bank account number, which is based on international standards , a prototypical special figures client accounts banks allows users to validate number 

- Transfer his account, it was directed banks to adopt the common arithmetic figure in the IBAN internal transfers from thedate of 01.02.2017. 

- start working to assess the readiness of the Iraqi payments system in line with international standards (PFMIs) of Principles for Finical Market Infrastructures World Bank to improve the payment and settlement systems in Iraq as part of the agreement with the World Bank and dealing with electronic payment systems in Iraq. 

- reform of payment of the staff of institutions and government departments salaries mechanism by settling their salaries bank accounts and ensures the bank to meet all the requirements for the application of the process of localization of salaries in banks and transfer the payment of salaries system to civilian staff , including allocations and benefits to an electronic system and from this point of the Central Bank of Iraq has sought cooperation with banks to bring this project into existence and localization of the success of the salary process has been started to work on the localization of the bank 's employees ' salaries is then circular on the rest of the ministries and government departments all over the year 2017 

- Strengthening the role of payment systems in the financial inclusion through Digital services provided by banks and providers of electronic payment services as an important dimension in the Strategy of the Central Bank of Iraq and the automation of work through the use of electronic payment tools and encourage the use of financial and banking services provided by banks and providers of electronic payment services, and it also supports micro , small and medium - sized and small enterprises and to facilitate access funding. 
- activate the electronic payment operations between government ministries and institutions. 

- Banks evaluation of providers of electronic payment services technically and through the evaluation of the technical aspects ofservices and basic electronic banking systems, which is inferred through which the level of banking efficiency in the provision of electronic services to customers.

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8 minutes ago, SnowGlobe7 said:

 

ok (deflated) but how exciting for Iraq to have "normal banking procedures"?

 

(she said grasping at straws)

 

I hope all is well with you my dear friend

I am well and cheered by the positive (at the moment) news... it certainly has been a long and interesting journey.. I hope the day finds you also well and peaceful :)

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Here the announcement from 01/12/2017 which it probably just been updated to the New format CBI site... 

Real-time gross settlement

From Wikipedia, the free encyclopedia
 
 

Real-time gross settle) are specialist funds transfer systems where the transfer of money or securities[1] takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments.

RTGS systems are usually operated by a country's central bank as it is seen as a critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets. A weak payment system may severely drag on the stability and developmental capacity of a national economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money.[2]

maintained or controlled by the central bank of a country. There is no physical exchange of money; the central bank makes adjustments in the electronic accounts of Bank A and Bank B, reducing the balance in Bank A's account by the amount in question and increasing the balance of Bank B's account by the same amount. The RTGS system is suited for low-volume, high-value transactions. It lowers settlement risk, besides giving an accurate picture of an institution's account at any point of time. The objective of RTGS systems by central banks throughout the world is to minimize risk in high-value electronic payment settlement systems. In an RTGS system, transactions are settled across accounts held at a central bank on a continuous gross basis. Settlement is immediate, final and irrevocable. Credit risks due to settlement lags are eliminated. The best RTGS national payment system cover up to 95% of high-value transactions within the national monetary market.

RTGS systems are an alternative to systems of settling transactions at the end of the day, also known as the net settlement system, such as the BACS system in the United Kingdom. In a net settlement system, all the inter-institution transactions during the day are accumulated, and at the end of the day, the central bank adjusts the accounts of the institutions by the net amounts of these transactions.

The World Bank has been paying increasing attention to payment system development as a key component of the financial infrastructure of a country, and has provided various forms of assistance to over 100 countries. Most of the RTGS systems in place are secure and have been designed around international standards and best practices.[3]

There are several reasons for central banks to adopt RTGS. First, a decision to adopt is influenced by competitive pressure from the global financial markets. Second, it is more beneficial to adopt an RTGS system for central bank when this allows access to a broad system of other countries' RTGS systems. Third, it is very likely that the knowledge acquired through experiences with RTGS systems spills over to other central banks and helps them make their adoption decision. Fourth, central banks do not necessarily have to install and develop RTGS themselves. The possibility of sharing development with providers that have built RTGS systems in more than one country (CGI of UK, CMA Small System of Sweden, JV Perago of South Africa and SIA SpA of Italy, Montran of USA) has presumably lowered the cost and hence made it feasible for many countries to adopt.[4]

As at 1985, three central banks had implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks.[5]

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Thanks Yota , this is actually really big news .  if they are going into real time processing this leads to a means of rapid expansion in

banks all over ,  so I believe a great many things are going on behind the curtain maybe faster than we think at this point in time.

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what this means to me is they can get started on reconstruction faster for the country as a whole  as the money can flow companies and people can get paid ,

imports and exports can take place and so many other factors.  so a economy can start again and a quality of life can begin again.   this is really a great article.  

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  • 1 month later...

CNN. Broadcasting While Establishing That The Iraqi National Payments Are In The Mail ! 

 

 

(by walkingstick)

Establishment of the Iraqi National Payments Council

Baghdad / Hussein Thugb 
The expansion of the financial transactions of Iraq with different countries of the world led to the development of specialized institutions in this regard take the task of organizing the mechanisms of work and the paths of funds and correct channels away from all forms of manipulation and crimes in the capital market  Global. 

Prospects of cooperation and decided to establish the National Payments Council of Iraq to support the mechanisms of the work of the Central Bank of Iraq in achieving its strategic objectives.

Director of Payments Department at the Central Bank of Iraq, said in an interview for "morning" that the work of the Iraqi financial sector is expanding continuously, pointing to the opening of the country to the outside world after a long break contributes to open new horizons of cooperation with various economic blocs,Iraq must have an advanced payment system commensurate with the size of its promising and influential economy in the international arena. International practices and added that the expansion of the Iraqi payments systems and link their work with external and local authorities, organizations and bodies for the purpose of the development of strategies for the development of payment and settlement systems and follow - up was established this Council in order to promote the best international practices and to ensure the safety and efficiency of the systems in the financial markets and the development of infrastructure  So. 
The Iraqi financial sector witnessed the development of the global institutions, including the US Treasury Department on behalf of its representative in  Iraq. 

The aim of the council is to facilitate cooperation and coordination between supervisory and supervisory authorities and between banking and non-banking institutions and customers concerned with payment and settlement systems, and propose the development of national strategies for the development of payment and settlement systems and the introduction of modern payment tools. And to follow up the implementation of national reform and development strategies and programs for payment and settlement systems. Unification of systems

The objectives include facilitating and encouraging the exchange of information and data among the various parties concerned with payment and settlement systems, encouraging the unification of the systems and procedures in force in the country on the payment and settlement system, as well as increasing awareness and knowledge of the issues and requirements of developing payment and settlement systems and tools. And regional and international organizations related to payment and settlement systems. Composition of the Council

On the institutional framework of the Council and its composition, Abdul Karim said: The Council consists of representatives of a number of ministries and agencies according to the level of representation, which consists of the Governor of the Central Bank of Iraq and the Director of the Department of Payments in the Central Bank of Iraq as Executive Director and Deputy Minister of Finance and represented by a member as well as the President of the Information and Communications Authority or Represented by a member and general manager of one of the government banks nominated by the Governor and a member of the Association of Private Banks in Iraq or represented by a member and a representative of the National Intelligence Service at the level of Director General member as well as the representative of the Iraqi market for securities at the level of Director General and a representative of the providers of services Tambour The e-selector is selected by the governor as a member. Composition of the Board

The Council shall be reconstituted every two years. Any member of the Board may be replaced at the request of the body representing it or at the request of the President of the Council and may add Pointing out that the Central Bank of the establishment of teams or technical working groups of the Council of Payments shall be permanent or temporary work and the inclusion of members from within or outside the Council of institutions and bodies represented along with experts 
 and specialists

http://www.alsabaah.iq/Article.....?ID=143578

 

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33 minutes ago, DinarThug said:

Establishment of the Iraqi National Payments Council

 

24 minutes ago, outlawclg said:

This I like.

 

8 minutes ago, blueskyline said:

Thanks Thug . More Great News !

 

And What Rhymes With After 'Getting Paid' ? :o 

 

:D  :D  :D 

 

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