Total Settlement System:
This system guarantees the effective and final settlement of payment orders (high value) exchanged between the participants and continuously during the working day. The balances are settled on the principle of cash flow after the other, ie the principle of FIFO (First in First) Out) The checks are checked by the system to ensure that balances are available in the participant's settlement accounts. The CBI is the controlling body and its operational manager as the owner of the system and manages settlement accounts for participants.
The Central Bank started the actual operation of the RTGS on 24/8/2006. The five main banks / branches (Rafidain Bank, Rasheed Bank, Bank of Baghdad, Commercial Bank of Iraq and Middle East Bank) were initially involved. The Bank adopted a gradual plan to involve banks In the settlement system, 62 banks have now been subscribed to the immediate total settlement system, in addition to the Ministry of Finance, the Retirement Authority and the Department for the Care of Minors. The system: -
The system provides no intrusion, manipulation or intrusion on the network.
The existence of a basic site for the system and two alternative sites to ensure the protection of information in the event of any emergency or other damage to the site.
Link all branches of the Central Bank in the south and north of this system.
Remove the manual adjustment risk resulting from large net adjustment operations, add
That the RTGS system ensures an irrevocable final settlement, a good advantage of high value to the customer.
Increase speed and shorten the time to implement payments.
Eliminate credit risk and liquidity.
Improve liquidity management.
Have a high level of efficiency and flexibility.
Implement a system that complies with international standards.