yota691 Posted October 19, 2017 Report Share Posted October 19, 2017 Department of Payments activities October 19, 2017 The most important activities carried out in the Iraqi payments system during the years 2016/2015 and the first half of 2017 Update of the Iraqi payment system : Updated the Iraqi payments system with all its components RTGS, ACH, CSD General / 2015 and in order to comply with international standards and regulations in the field of payments for the purpose of absorbing the increasing volume of transactions through the system easily compatible with the different banking systems. The International Bank Account Number ( IBAN ) is based on the RTGS-ACH (Payment System ) for the purpose of consolidating bank account numbers in all banks operating in Iraq, which contributes to improving the level of financial and banking services and clearing services and settling payments locally and internationally. During the consolidation of the composition and specifications of the account number within the banking sector. The formula for Iraq's consolidated bank number has been chosen, with the IBAN number consisting of 23 positions. Implementation of the IRPS retail payment infrastructure project consists of: National PBX: Supports inter-bank clearing for transfers made by customers and transactions through the use of ATM machines and points of sale through credit cards linked to the bank account. Mobile payment system, where funds are transferred through e-wallets without the need for a bank account, as well as transfers can be made to pay bills and shopping. Automating the work of internal control and adding a level of regulatory system to activate the supervisory role of the RTGS system in the Central Bank of Iraq : For the purpose of activating the supervisory role in the RTGS system , a new function was added by adding special fields where the participant was able to check the types of payment orders through the system without the need to check the paper. The audit authority has special powers that can not be viewed or operated by another authorized authority such as authorized to enter or authorized to authenticate. The audit process is performed after completion of the conversion. The audit process can be performed for previous dates in the system. The main purpose of this feature is to show the audited restrictions from the unaudited restrictions of senior management To participants in the system and to reduce the effort and speed in the implementation of the internal audit. Internal clearing system between the branches of one bank site IBCS ( The Inter Bank to Clearing the System ) It is a system for the exchange of internal clearing of government banks (branches inside and outside Baghdad) which does not have a comprehensive banking system. This system enables the participating bank branches to send and receive payment orders and instruments among themselves in an automated manner. Conversions made through this system. Standardization of security specifications for Sukuk: For the purpose of providing greater protection for the instruments drawn on banks and reducing the frauds and the validation of the issuance of sukuk, the standardization of the security specifications of the drawn instruments was approved by all banks by choosing six types of security specifications without formalities and colors, taking into consideration the choice of light colors when printing instruments to avoid the blurring of the image of the instrument when it is sent Through the electronic instruments clearing system. Working with the World Bank to assess and prepare the Iraqi payment system in line with international standardsPFMIs ( Principles for Finical Market Infrastructure ): Based on the principle of compliance by the Iraqi payment system with international standards, the Bank has worked with the World Bank to assess the readiness of the payments system in accordance with the PFMIS principles of 24 standards and the most important principles (credit risk management, operational risk, liquidity risk, legal basis) , Governance, final settlement, etc.). Salary settlement project: - Based on the decisions of the Council of Ministers No. (313, 2016, 281 of 2017) and based on the enhancement of financial coverage in Iraq, which includes the generalization of banking services to all segments of society, the Central Bank of Iraq is keen to meet all the requirements for the application of the process of settling salaries in banks and the application of electronic collection system The project includes the opening of bank accounts for employees of ministries and government institutions. The number of banks has been selected within specific criteria, which issue cards according to international standards related to the bank account in addition to its financial and technical evaluation according to the servants Which has contributed to creating a strong competitive environment to provide the best services to the public, has been issued a number of columns that regulate the payment of salaries has been settled salaries of employees of the Central Bank in its branches (Baghdad - Basra) to be a pilot experience and work For the rest of the ministries Linking comprehensive banking systems: For the purpose of facilitating the smooth flow of work and updating the data electronically and without human intervention, the project of linking banking systems has been implemented, where a number of banks have been linked to the Iraqi payment system and work is underway to link all banks operating in Iraq according to the time plan set by this bank with the rest of banks. Which started work to complete the linkage requirements for the first phase at the end of 2017 and the rest of the banks to complete the linkage requirements by the end of 2018. Developing the CSD system by adding the following: Issuance of Islamic certificates of deposit ( ICD ). It is a type of remittance that will be traded and auctioned on the CSD system between Islamic banks and the Central Bank in exchange for implicit profits under the Murabaha contract. The use of Islamic certificates of deposit ( ICD ) requires a contract between the Central Bank and Islamic banks on the one hand and with stock exchanges on the other. Investment Unit Investment Module : The investment limits on deposits (7,14,30) on the CSD system are implemented directly by the banks. Developing the financial markets through activating the secondary market through the trading system ( Trading System ) For the purpose of activating the secondary market through the provision of a market or several markets for the exchange of various trading operations for the sale and purchase of government bonds, the trading unit was added to the CSDsystem as a separate unit associated with it to settle trading operations. The importance of the trading system is to activate the secondary market and facilitate the circulation of the initial issues and turn them into cash when needed. Regional System for Clearing and Settlement of Arab Payments: A regional system was established for the settlement of inter-Arab payments linked to economic and investment transactions across borders between the Arab countries by linking Arab central banks. The system aims at enhancing the use of Arab currencies in settling transactions to reduce recourse to the international financial centers in clearing and settling payments. ( BOOZ ). The design was approved and presented to the Governors of Arab Central Banks. Formation of the Iraqi National Payments Council : In view of the expansion of the Iraqi payment systems and the linking of its work with external parties from the internal bodies of institutions, ministries and agencies on the other hand and for the purpose of developing strategies for the development and follow-up of the payment and settlement systems, improving international best practices and ensuring the safety and efficiency of these systems in the financial markets and infrastructure. The Board of Directors of this bank approved the establishment of the Iraqi National Payments Council headed by the Central Bank and the membership of a number of ministries and departments from the public and private sector, which acts as a consultative link to support the Central Bank of Iraq in defining its objectives and clarify the strategic direction. Strengthening international regional cooperation with the Central Bank of Iran: Under the joint cooperation of the two countries (the Republic of Iraq and the Islamic Republic of Iran), two documents were signed between the Central Bank of Iraq and the Central Bank of Iran to consolidate efforts in joint cooperation in the banking and financial fields, electronically regulate transfers and exchange of experiences and all kinds of knowledge in matters related to information exchange and regulatory legislation. International agreements and charters to which both countries are associated Financial Inclusion: Financial inclusion is the enhancement of the access and use of all segments of the society, including the marginalized and poor groups of financial services and products that are commensurate with their needs, providing them with a fair, transparent and reasonable cost. Avoidance of resorting to channels and informal means that are not subject to supervision and supervision, and often rely on high prices. Indicators of financial coverage have been determined in terms of measuring the availability of financial services that represent the offer on the one hand and measuring the extent of its use and Exploitation on the other side of the demand side. Automating the work of ministries and government institutions: In order to keep abreast of developments in the payment systems in the world, the Central Bank seeks to automate all remittances between state departments and institutions and to collect receivables through the Iraqi payment system using payment orders instead of sukuks to reduce the risks of transferring money, forging the instruments and switching from manual labor to electronic work. Technical evaluation of banks: A questionnaire was prepared covering the technical aspects, e-services and basic banking systems, which indicate the level of banking efficiency in providing electronic services to customers. After collecting the questionnaires from the banks and analyzing and reviewing the data provided, the results of the preliminary evaluation of the banks were presented to the Banking Control Department This information is field-based and integrated with the results of the banks' financial assessment for the purpose of consolidating the results and presenting them to the public. 2 12 Quote Link to comment Share on other sites More sharing options...
Big_J Posted October 19, 2017 Report Share Posted October 19, 2017 GM YOTA AND DV. 1 3 Quote Link to comment Share on other sites More sharing options...
captl1 Posted October 19, 2017 Report Share Posted October 19, 2017 Thanks Yota and good morning. 1 4 Quote Link to comment Share on other sites More sharing options...
Wiljor Posted October 19, 2017 Report Share Posted October 19, 2017 2 hours ago, captl1 said: Thanks Yota and good morning. Buenas dias hermanó, mas tequila 2 Quote Link to comment Share on other sites More sharing options...
WaitIsOver Posted October 19, 2017 Report Share Posted October 19, 2017 My favorite cbi announcement as of yet.. thank you !! 1 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted October 19, 2017 Report Share Posted October 19, 2017 5 hours ago, yota691 said: Developing the financial markets through activating the secondary market through the trading system ( Trading System ) For the purpose of activating the secondary market through the provision of a market or several markets for the exchange of various trading operations for the sale and purchase of government bonds, the trading unit was added to the CSDsystem as a separate unit associated with it to settle trading operations. The importance of the trading system is to activate the secondary market and facilitate the circulation of the initial issues and turn them into cash when needed. Looks like the Iraqi Bonds hysteria is being capitalized on by the CBI! Maybe more Good News forthcoming to rocket the bonds? Hey, it looks like they are all saucered and blown to take advantage of every opportunity these Iraqi bonds offer and turn it into "cash when needed"! 5 hours ago, yota691 said: Regional System for Clearing and Settlement of Arab Payments: A regional system was established for the settlement of inter-Arab payments linked to economic and investment transactions across borders between the Arab countries by linking Arab central banks. The system aims at enhancing the use of Arab currencies in settling transactions to reduce recourse to the international financial centers in clearing and settling payments. ( BOOZ ). The design was approved and presented to the Governors of Arab Central Banks. I dunno, folks. How in the world could this be used if the IQD was not international? I suspect the "settling" would occur electronically. Looks like another piece of "Good News" to pile on all the other "Good News" of late! I don't think they would put this system in place unless it would be imminently used to facilitate commerce and reconstruction! Go Moola Nova! 1 7 Quote Link to comment Share on other sites More sharing options...
DropItLikeItsHot Posted October 19, 2017 Report Share Posted October 19, 2017 All looks good! More moves to go INTERNATIONAL! Turn on the pay system and RV ALREADY! 1 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted October 19, 2017 Report Share Posted October 19, 2017 The CBI is letting the world know they are ready for international business. Go CBI Go new monetary policy Go RV 4 7 Quote Link to comment Share on other sites More sharing options...
presence Posted October 19, 2017 Report Share Posted October 19, 2017 Yota691 - thank you for this truly spectacular post! Yes, LB, the CBI is letting the world know they are ready - and they truly are if all of the 'internationally recognized ways of doing business' listed above are completed and up to spec. The timing of this release combined with the facts that developed this week really starts to show the work that we all hoped has been going on behind the scenes. If Iraq is going to adjust their rate from the artificially imposed low rate imposed by sanctions to that of a legitimate rate that's easy to work with and that's on par with the rest of the eorld, then now is the time to do it. The references above show and explain how and why Iraq is ready to be internationally recognized. When Abadi moved his forces into Kirkuk and took control of the area and oil wells that the Kurds had protected for the last 3 years, I was hopeful that an agreement was made behind the scenes. The lack of fighting combined with other recent events and public announcements such as these tells me that progress is definitely being made behind closed doors. I am confident that the contested areas of article 140 have been resolved and that other important laws are also being discussed. Outside of the 2% spread that's occasionally referenced as still being required, I am not aware of any other obstacle that could make this linger on much longer. GO RV!! Please!!! 2 6 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted October 19, 2017 Report Share Posted October 19, 2017 24 minutes ago, presence said: Yota691 - thank you for this truly spectacular post! Yes, LB, the CBI is letting the world know they are ready - and they truly are if all of the 'internationally recognized ways of doing business' listed above are completed and up to spec. The timing of this release combined with the facts that developed this week really starts to show the work that we all hoped has been going on behind the scenes. If Iraq is going to adjust their rate from the artificially imposed low rate imposed by sanctions to that of a legitimate rate that's easy to work with and that's on par with the rest of the eorld, then now is the time to do it. The references above show and explain how and why Iraq is ready to be internationally recognized. When Abadi moved his forces into Kirkuk and took control of the area and oil wells that the Kurds had protected for the last 3 years, I was hopeful that an agreement was made behind the scenes. The lack of fighting combined with other recent events and public announcements such as these tells me that progress is definitely being made behind closed doors. I am confident that the contested areas of article 140 have been resolved and that other important laws are also being discussed. Outside of the 2% spread that's occasionally referenced as still being required, I am not aware of any other obstacle that could make this linger on much longer. GO RV!! Please!!! Totally agree my friend Presence, Go oil for all iraqis Go land for all Iraqis Go wealth for all of us 4 Quote Link to comment Share on other sites More sharing options...
gregp Posted October 19, 2017 Report Share Posted October 19, 2017 Great news! Thank you for all the wonderful Articles! We are days away! 1 1 Quote Link to comment Share on other sites More sharing options...
NEPatriotsFan1 Posted October 19, 2017 Report Share Posted October 19, 2017 9 minutes ago, gregp said: Great news! Thank you for all the wonderful Articles! We are days away! I'm sure ready for you to be correct about this! Got lots of ideas for further investments but would be more fun with a ton of cash to spread around and grow further Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted October 19, 2017 Report Share Posted October 19, 2017 1 Quote Link to comment Share on other sites More sharing options...
gregp Posted October 19, 2017 Report Share Posted October 19, 2017 1 minute ago, NEPatriotsFan1 said: I'm sure ready for you to be correct about this! Got lots of ideas for further investments but would be more fun with a ton of cash to spread around and grow further Amen, my friend! I’m looking at Dumping some cash into Singlepoint Inc. Stock ticker SING. Quote Link to comment Share on other sites More sharing options...
NEPatriotsFan1 Posted October 19, 2017 Report Share Posted October 19, 2017 Just now, gregp said: Amen, my friend! I’m looking at Dumping some cash into Singlepoint Inc. Stock ticker SING. I already did based on your suggestion Hope it's a winner for both of us.... crypto currency, cannabis and energy will be where I place most of my discretionary earnings. 1 1 Quote Link to comment Share on other sites More sharing options...
gregp Posted October 20, 2017 Report Share Posted October 20, 2017 (edited) 3 hours ago, NEPatriotsFan1 said: I already did based on your suggestion Hope it's a winner for both of us.... crypto currency, cannabis and energy will be where I place most of my discretionary earnings. Here’s a toast to the future! 🥂🥂🍻🍻 Edited October 20, 2017 by gregp 1 Quote Link to comment Share on other sites More sharing options...
drj Posted October 20, 2017 Report Share Posted October 20, 2017 16 hours ago, WaitIsOver said: My favorite cbi announcement as of yet.. thank you !! Agreed! Quote Link to comment Share on other sites More sharing options...
Goggles Posted October 20, 2017 Report Share Posted October 20, 2017 Quote Link to comment Share on other sites More sharing options...
Miamiheatnic Posted October 20, 2017 Report Share Posted October 20, 2017 Time to buy a house 1 Quote Link to comment Share on other sites More sharing options...
sandfly Posted October 20, 2017 Report Share Posted October 20, 2017 thanks 1 Quote Link to comment Share on other sites More sharing options...
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