New CBI announcement 08/21/2013 Topic Banking Operations..

[yota691]

News and Announcements

 

 

• (Press release) characterized the business environment in speed transactions and keep abreast of developments, especially in the field of banking operations in general and areas of use and modern payment methods particularly 
  08/21/2013

Sry No Copy and Paste...

[zigmeister]

Intriguing.

[vomer]

Can't figure out how to translate

[DeepPeace]

Same here - can't find a way to translate, either in Firefox or IE

[Sweet baby dinar]

What's it say can't figure it out

[TBomb]

There is a way...adobe has a document converter.  They say it can be converted from a PDF to a word doc, which will make the document "live" so it can be copied and pasted into a translation program. I have no dough for this.

[yota691]

The Facts About Electronic Checks

• What is an electronic check?

  An electronic check&ndsh;also known as an echeck, electronic check conversion, or Back Office Conversion (BOC)–is an electronic version of a paper check. Electronic checks allow merchants to convert paper check payments made by customers to electronic payments that are processed through the Automated Clearing House (ACH) Network. Simply put, it’s a fast, efficient, and secure way to process check payments.

  Because of the many benefits and increased security methods that electronic checks offer, this method of payment is quickly growing in popularity. In 2007, electronic check conversion increased by 30%, with more than 3.1 billion paper checks converted to echecks through in-store transactions. Familiarizing yourself with how electronic checks work, the benefits and security features they offer, and how you can get started with electronic check conversion will save you time and money and help you provide greater protection for your business and your customers.

• How electronic checks work

  Electronic check conversion is a simple method of processing payments, and the changes to how you do business are minimal. One of this method's greatest advantages is that you can electronically submit checks instead of having to physically take them to the bank, saving you time and increasing employee efficiency.

  When you receive a paper check payment from your customer, you will run the check through an electronic scanner system supplied by your merchant service provider. This virtual terminal captures the customer's banking information and payment amount written on the check. The information is transferred electronically via the Federal Reserve Bank's ACH Network, which takes the funds from your customer's account and deposits them to yours.

  Once the echeck has been processed and approved, the virtual terminal will instantly print a receipt for the customer to sign and keep. Employees should mark the paper check as "void" and return it to the customer. Your merchant transactions will be available online for viewing with customized detailed reporting, which may vary in features depending on the merchant service provider you choose.

• Reaping the benefits

  Using electronic check conversion to process your customers' payments holds many benefits over paper checks:

  • Reduced processing costs. In general, the cost to process an echeck is substantially less than that of paper check processing or credit card transactions; echecks require less manpower to process and eliminate incidental costs such as deposit and transaction fees that accompany paper checks. With echecks, you can save up to 60% in processing fees.

  • Funds received sooner. Businesses that use electronic check conversion have funds deposited almost twice as fast as those using the traditional check processing method, with billing companies often receiving payments within one day.

  • Increased sales. If your business didn't accept paper checks in the past, you can expand the payment options available to your customers and increase sales by offering echecks. If you are converting from accepting paper checks to echecks, you can still expand your customer base by being able to accept international and out-of-state checks without the worry of fraud; echecks require account validation and customer authentication processes that identify bad checks within seconds.

  • Simple, safe, smart. Electronic check conversion is easy to set up and relies on the ACH Network for processing, the same reliable and trusted funds transfer system that handles Direct Deposit and Direct Payment. Plus, echecks are a smart choice for the environment, helping to reduce more than 67.4 million gallons of fuel used and 3.6 million tons of greenhouse gas emissions created by transporting paper checks.

  • Fewer errors and reduced fraud. Echecks are processed using an automated system, which cuts down the number of people who must handle the check, reducing the potential for error and fraud. Merchant service providers also maintain, monitor, and check files against negative account databases that store information about individuals or companies that have past records of fraud to help decrease fraudulent activity.

• Increase security with electronic checks

  Electronic check conversion leverages the latest information protection features such as encryption and message authentication. Because of this, many retail merchants, merchant service providers, and financial institutions consider it to be one of the most secure payment methods in the electronic payment processing industry.

  • Authentication. Merchants must verify that the person providing the checking account information has the authority to use that checking account. There are a number of authentication services and products available to merchants, including:

    • Digital signatures. Digital signatures (or digital certificates) are a way of encrypting information that gives the receiver a more reliable indication that the information was sent by the claimed sender. They are used by programs on the Internet to confirm the identity of a customer to concerned third parties, serving a similar purpose as a handwritten signature. Digital signatures cannot be easily tampered with or imitated and are easily transportable, thereby making them a reliable method for verifying identity when implemented correctly. Digital signatures are often used to implement electronic signatures, a broader term that refers to any electronic data that carries the intent of a signature.

    • Public key cryptography. Public key cryptography is an encryption/decryption security method that uses one key to encrypt a sent message and another to decrypt it. With electronic check conversion, the private key is a secret mathematical calculation used to create the digital signature on the echeck, and the public key is the corresponding key given to anyone who needs to verify that the sender signed the echeck and that the electronic transfer has not been tampered with. Public key cryptography is another way to ensure authenticity of the electronic transfer of funds.

  • Duplicate detection. Duplicate prevention and detection is another way to reduce fraudulent activities. Financial institutions have software and operational controls in place to prevent duplication of the scanned electronic representations of customer checks.

  • Encryption.The ACH Network automatically encrypts messages using 128-bit encryption and a secure sockets layer (SSL).

• What is the ACH Network?

  The Automated Clearing House (ACH) Network is a funds distribution system that moves funds electronically from one entity to another. This highly reliable and efficient nationwide electronic network is governed by the rules established by the National Automated Clearing House Association (NACHA) and the Federal Reserve (Fed). The ACH payment system also handles debit card transactions; direct deposits of payroll, Social Security, and other government benefits; direct debit payments; and business-to-business payments.

• Tips and tactics to get started

  Here is some useful advice to help make the implementation of electronic check conversion at your business run smoothly:

  • Choose a processing company that is well established in the market. While a competitive pricing package may also be of importance, having a processor that is reliable with a good reputation is essential.

  • Notify your customers that your business will begin using electronic check conversion to process payments. Federal rules require you to post a notification about this change in practice as well as to give your customers a takeaway copy of the notification. You must also provide customers a telephone number to request more information about electronic check conversion.

  • Look for a processor that enables you to easily align your current business processes with your new electronic processing system; ensure that you can easily export customer data and smoothly integrate the electronic payment processing system with your business management software.

cash1  [kash]  Show IPA

noun

1.

money in the form of coins or banknotes, especially that issuedby a government.

2.

money or an equivalent, as a check, paid at the time of makinga purchase.

verb (used with object)

3.

to give or obtain cash for (a check, money order, etc.).

4.

Cards.

a.

to win (a trick) by leading an assured winner.

b.

to lead (an assured winner) in order to win a trick: Hecashed his ace and led the queen.

Verb phrases

5.

cash in,

a.

to turn in and get cash for (one's chips), as in a gamblingcasino.

b.

to end or withdraw from a business agreement; convertone's assets into cash.

c.

Slang. to die: After her parents cashed in, she lived with hergrandmother.

6.

cash in on, to profit from; use to one's advantage: swindlerswho cash in on the credulity of the public.

[zigmeister]

Educating the people with the upcoming Qi cards I would assume.

[Catluver67]

I ran it through my Adobe Pro and it doesnt have the option to recognize Arabic.  When you save it to word it just saves the image of it not individual characters.

 

Plugged it into this site and got this...doesnt help much...http://www.newocr.com/

 

used google to translate

Ehln Aierqa dengue plating for disabled me for كلفي

Characterized the evidence as fast as commercial transactions and keep abreast of developments especially in the field of banking operations in

And areas of public use of modern means of payment, in particular, as it appeared alternatives Mendddh the circulation of paper money

One of them, the so-called herewith cases «and modern electronic payment methods. Perhaps one of the most prominent and electronic payment methods

What Aarba electronic instruments (Yateaata Nkstthbagel) where Alhzd sought CBI and since

J. . Not to the application of electronic payment systems that contribute to the development of the banking sector and to the level of selection

This sector in the world Wata limit the use of cash (Bahdth) in the country, and that the challenge of geography and issues

Security to make the transfer of money in over the repayment tough and risky. And thus are heading efforts to automate

Settlement operations and payroll checks and activating Default operating systems for the electronic card, and systems that

Build Alhzd Central Ntfhzha system is measured by electronic instruments which banks can exchange orders

Low-value payment. Encoded and instruments among themselves and their electronic where most Ashnonit matter

And its subsidiaries in the civil system and abolished the number of participants does not p originating Add to Rafidain and Rasheed by

3 A branch of the Rafidain Bank was born (branch to Musdrny ringing and work is underway for the introduction of all the descendants of the system

He was on 8 Behold layer 2 layer 31. 2 date Nhanao for a instruments يدوخ the exchange of civil banks in Baghdad, and on

13 Radler 31. No {final date for the exchange of the instruments manually all branches of private banks in the two sub-measured

Alhzd in central Basra and Mosul 0

In order to be redirected electronic manual clearing period

 

here is the text

يهلن عييهقي لطلي عن الدنك المعوق ي لكلفي

تتميز البينة التجارية بالسرعة في المعاملات ومواكبة التطور خاصة في مجال العمليات المصرفية بصفة

عامة ومجالات استخدام وسائل الدفع الحديثة بصفة خاصة، إذ ظهرت بدائل مندددة عن تداول النقود الورقية

وهي من لهن ما يطلق طيه حا« وسائل الدفع الالكترونية الحديثة. ولعل من ابرز وسائل الدفع الإلكترونية

ما يعربا بالصكوك الإلكترونية (ياتهياتع نقسثتهباجل) حيث سعى الهظد المركزي العراقي ومنذ عام

ي . . لإ الى تطبيق انظمة الدفع الإلكترونية التي تساهم في تطوير القطاع المصرفي والانتقاء به الى مستوى

هذا القطاع في العالم وطى الحد من استخدام النقد (بيةدتة) في البلاد ، كما ان لتحدي الجغرافيا والقضايا

الأمنية جعل نقل النقود في انحاء السداد صعبة ومحفوفة بالمخاطر. وبالتالي نتجه المساعي الى اتمتة

عمليات التسوية للشيكات والرواتب وتفعيل أنظمة التشغيل اللي للبطاقة الالكترونية ، ومن الأنظمة التي

نبنى الهظد المركزى نتفهذها هو نظام مقاسة الصكوك الإلكترونية الذي يمكن المصارف من تبادل أوامر

الدفع منخفضة القيمة. والصكوك المرمزة فيما بينهم إلكترونية وعن مواقعهم حيث اشنونئث معظم المسالة

الاهلية وفروعها في النظام ويلغ عدد المشاركين لا ع مصدرها إضافة الى مصرفي الرافدين والرشيد بواقع

ل٣آ فروع لمصرف الرافدين ولد ( فرع لمصدرنى الرنين والعمل جاري من اجل ادخال جميع فروعهم للنظام

وقد كان يوم ٨ها لر٢لر٣١ . ٢ موعدا نهانيأ لتبادل الصكوك يدوخ للمصارف الاهلية في بغداد ، ويوم

١٣لردلر٣١ . لإ موعدأ نهائي{ لتبادل الصكوك يدويأ لكل فروع المصارف الاهلية في غرفتي مقاسة فرعي

الهظد المركزي في البصرة والموصل ٠

‎ ‏‎ الالكترونية بهدف نقلك فترة المقاصة اليدوية

 

here it is in bing

They heaping aiihki of plating on the disabled the dengue lkelvi

Featuring evidence of commercial transactions and speed up development especially in the field of banking in

In General, the use of modern means of payment, in particular, featured mandddh alternatives for handling paper money

One of them called the attached reference «modern electronic means of payment. Perhaps the most notable e-payment methods

The express electronic instruments (yathiata nksththbagl) where the Iraqi Central and alhzod sought in

J. . Not to apply the electronic payment systems that contribute to the development of the banking sector and the picking to the level

This sector in the world and reduce the use of cash (bihedth) in the country, and the challenge of geography and issues

Security to make transfer money throughout repayment difficult and risky. Therefore we endeavour to automate

The settlement cheque operations and salaries and reviews operating systems for electronic card systems

Build alhzod Central ntfhzeha is the measured electronic instruments which banks exchange orders

Low-value payment. And color-coded instruments among themselves and on their sites where most of the ashnonaeth issue

And its branches in the system and the number of participants is not abolished with the Al Rafidain Bank to add source and good practice

3 a branch of the Rafidain Bank born (lmsadrni branch ringing and work is underway to include all branches of the system

It was on 8 HA t 2 t 31. 2 the date of exchange of instruments nhania dazed to private banks in Baghdad, and on

13 lrdelr 13. No definitive date {to share instruments manually for all branches of private banks in two tenths subsidiary

Alhzod in central Basra and Mosul 0

E-to transfer the manual clearing

 

 

 

Edited August 21, 2013 by Catluver67

[SocalDinar]

Thanks Yota.

 

Just had my Syrian friend look at this. Kind of weird.

 

Talks about on February 28 2013 the Central banks stopped moving money ( currency ) between themslelves and on May  31st 2013 they stopped moving currency between branches of Banks,

It started in Baghdad and then to Basra and mosul. It says its too dangerous to move cash and that it takes days to clear a path for transporting it.

They have and will be  starting direct deposit instead of movements of CASH

 

This may not be 100 % accurate but the way my friend that owns a liquor store reads it. . It was brief because he had a lot of customers but  says ithe movement of cash had stopped early this year.

 

 

This sounds way different then what Catluver67 has posted and BTW thanks catluver 67. He was positive on the dates being there.

[zigmeister]

Interesting, they have not moved cash between banks since Feb. 2013?  

[Catluver67]

This sounds way different then what Catluver67 has posted and BTW thanks catluver 67. He was positive on the dates being there.

That's cause mine looks like it just takes a bunch of words and throws them all together making zero sense!! Lol!!!

Thanks social!

[waterman13]

Interesting, they have not moved cash between banks since Feb. 2013?  

Is that why the people on the streets are complaining about the notes and gluing them together? There's no new(er) ones to even get from the banks?

WM13

[SocalDinar]

Interesting, they have not moved cash between banks since Feb. 2013?  

Strange huh Zig. He did say that they had stopped moving between the Central Banks in February ( I think that means the Different banks -- Companies  ) and stopped moving the cash between the Branches of banks in May. ( maybe this means the same banking firm and its individual branches. )

 

May be good may be bad but important either way

That's cause mine looks like it just takes a bunch of words and throws them all together making zero sense!! Lol!!!

Thanks social!

We are all on the same team catluver.!

[Cyclonemaker]

Great Thread!  I love this investment. Maybe there are things written we are not meant to understand or translate.  IMO, the Central banks are connected electronically.  The traders deal in cash.  No need to transfer cash between the State Banks.  The Traders are another story.  So,the value of the Dinar is based upon supply and demand.  Truly, IMO when the dinar gains or loosed value it's based upon the value of the USD.  So we are reading articles that state they are going to increase the value of the Dinar by limiting the number of banks that trade the USD.  What is wrong with this picture?  Recently the CBI had to increase the number of Banks/Traders for the USD to stabalize the market.  It's all a matter of supply and demand.  So if you limit the accessibility  of the USD, and increase the demand, without increading the value of the Dinar, the value of the USD will rise.  ( It's all about buying power)  What can the IQD buy?

[sandfly]

THANKS YALL

[SgtFuryUSCZ]

***///

 

Seems like only recently we read where they put out both the bids for the machines and the contractors to install them....

 

now this.....

 

Looks like they've been pretty busy over there....

 

We're going to say we like this article.... it's a full tablespoon of Hopium all at once !

Edited August 22, 2013 by SgtFuryUSCZ

[Tirebiter]

Thanks Yota.

 

Just had my Syrian friend look at this. Kind of weird.

 

Talks about on February 28 2013 the Central banks stopped moving money ( currency ) between themslelves and on May  31st 2013 they stopped moving currency between branches of Banks,

It started in Baghdad and then to Basra and mosul. It says its too dangerous to move cash and that it takes days to clear a path for transporting it.

They have and will be  starting direct deposit instead of movements of CASH

 

This may not be 100 % accurate but the way my friend that owns a liquor store reads it. . It was brief because he had a lot of customers but  says ithe movement of cash had stopped early this year.

 

 

This sounds way different then what Catluver67 has posted and BTW thanks catluver 67. He was positive on the dates being there.

Thanks SocalDinar! 

[SocalDinar]

Anyone able to get another Human translation on this announcement?.  I am still a bit curious on this one.

 

Good to see you Tirebiter

[Tirebiter]

Anyone able to get another Human translation on this announcement?.  I am still a bit curious on this one.

 

Good to see you Tirebiter

Good to be seen my friend.  lol.  Thanks!

[zigmeister]

My question is, by currency do they mean dinar or cash or both?  Yeah I would like to see another translation.

[stealthwarrior]

Do you really think they are smart enough to use a QI card even with TRAINING?

[SocalDinar]

My question is, by currency do they mean dinar or cash or both?  Yeah I would like to see another translation.

I asked him that and he said it read MONEY not being moved so he took that as Cash, Currency etc..

 

Do you really think they are smart enough to use a QI card even with TRAINING?

Talks about direct deposit also for Government employees

[zigmeister]

Do you really think they are smart enough to use a QI card even with TRAINING?

If we can do it I am sure they can.  That is a very demeaning post to say the least.  They are not a stupid people.

[zigmeister]

I would agree this would explain the complaints of tattered dinar.  I do not think there is much dinar on the streets of Iraq anymore.