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Open Electronic Clearing System Files ! (Iraqi Banks)


DinarThug
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CNN. Broadcasting The Means Possible For Iraqi Banks To Have International Connectivity - Now Just Do Away With That Programmed Rate !

 

 

 

 

(by walkingstick)

Open electronic clearing system files

2/16/2015 0:00 

Baghdad, Omar Abdel-Latif 
Finance Committee revealed in the House of Representatives for open electronic clearing system files across the banks. Said committee member Dr. Magda Abdel-Latif al-Tamimi, said in a statement singled out the "morning": that theCommission will open this existing system files in 32 banks, government and civil strife in the development of banking project. 

She said the electronic clearing system based on smart instruments, and is common to know account in more than one bank, and also appears in the Central Bank. 

The World Bank has allocated $ 10 million to restructure the government banks and activation of electronic transactions including electronic clearing system.
طباعة

 

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Open electronic clearing system files

 

 

         

2/16/2015 0:00 

 Baghdad, Omar Abdel-Latif 

Finance Committee revealed in the House of Representatives for open electronic clearing system files across the banks. Said committee member Dr. Magda Abdel-Latif al-Tamimi, said in a statement singled out the "morning": that the Commission will open this existing system files in 32 banks, government and civil strife in the development of banking project.  

She said the electronic clearing system based on smart instruments, and is common to know account in more than one bank, and also appears in the Central Bank. 

The World Bank has allocated $ 10 million to restructure the government banks and activation of electronic transactions including electronic clearing system.

 

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Great post. Thank ye. As Iraq continues their banking and financial improvements and technology I have to ask you folks here who are way smarter than I am, do other countries with wide exchange rates against the USD, such as Vietnam, do they also have th same tech for transactions? I'm just trying to get a gauge or opinions as to how much all this continue progress has in relation to currency value and/or change in value. Thanks in advance for any replies.

Great post. Thank ye. As Iraq continues their banking and financial improvements and technology I have to ask you folks here who are way smarter than I am, do other countries with wide exchange rates against the USD, such as Vietnam, do they also have th same tech for transactions? I'm just trying to get a gauge or opinions as to how much all this continue progress has in relation to currency value and/or change in value. Thanks in advance for any replies.

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As Iraq continues their banking and financial improvements and technology do they also have the same tech for transactions?

It's A Rhetorical Question That Ur Asking ! ;)

Can U Deposit Or Exchange The IQD U Hold Into Ur Bank ?

Can U Send IQD Electronically Overseas ?

It's A Great Question By The Way

So Let's Just Hope That Those Chuckleheads In Parliament Have Been Working On The Right Answer For Our Benifit ! B)

:D:D:D

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Wooooooowhooo !!  Great Thread!!!!!   Loving the news!!!!!! Thanks Thuggie & Yota !!     

 

 

 

2899778557_8a4991e632_o.gif             you-are-the-bomb.jpg


I hope it is okay to ad a snippet from milliondays post from last night about this:

 

Millionday: NOTE -- THIS IS THE WORLD BANK FOR IRAQ -- HUGE

Millionday: Finance Committee revealed in the House of Representatives for open electronic clearing system files across the banks.

Said committee member Dr. Magda Abdel-Latif al-Tamimi, said in a statement singled out the "morning": that the Commission will open this existing system files in 32 banks and the government waged within the development of banking project.

Millionday: NOTE -- THEY ARE OPENING THE ELECTRONIC CLEARING SYSTEM
 
Millionday: It added that the electronic clearing system based on smart instruments, and the common knowledge in their account in more than one bank, and also appears in the central bank.

The World Bank has allocated $ 10 million for the restructuring of State-owned banks and activation of electronic transactions including electronic clearing system.

Millionday: SO THIS IS THE OPENING OF THE INTERNATIONAL BANKING SYSTEM PER COMPLIANCE AND HOW GLOBAL BANKING IS DONE AND LINKED -- WHOOOPOW

Danalivin4HIM: Did they state when?

Millionday: THIS WILL BE DONE WITH THE BANKING DEVELOPMENT PROJECT -- THE REFORMS THEY ARE DOING NOW WITH ALL REFORMS

faith1: Do you have a list of the 32 Banks ? Like that it said ...Commission will open this existing system... existing system !!

Millionday: THESE ARE THE IRAQI BANKS - YES I WILL BRING IT NEXT FOR US HUN

Millionday: ID Bank or Institution City Branch Swift Code

1 ABU DHABI ISLAMIC BANK BAGHDAD ABDIIQBA

2 AL BARAKA TURK KATILIM BANKASI A.S. ERBIL BRANCH ARBIL BTFHIQBA

AL RAFIDAIN BANK BAGHDAD RAFBIQBA

5 AL-BILAD ISLAMIC BANK FOR INVESTMENT AND FINANCE BAGHDAD AIIFIQBA

6 AL-HUDA BANK BAGHDAD BHDAIQBA, 8 ASHUR INTERNATIONAL BANK FOR INVESTMENT BAGHDAD AIBIIQBA

9 ASYA KATILIM BANKASI A.S. ARBIL BRANCH ARBIL ASYAIQBA

10 BABYLON BANK COMPANY BAGHDAD BABKIQBA

11 BANK OF BAGHDAD BAGHDAD BABIIQBA

12 BANKMED SAL, IRAQ ARBIL MEDLIQBAARB

13 BANKMED SAL, IRAQ BAGHDAD MEDLIQBA

14 BANKMED SAL, IRAQ BASRAH (BASRAH BRANCH) MEDLIQBABAS

15 BANQUE LIBANO-FRANAISE SAL - IRAQ BAGHDAD BLFSIQBA

16 BBAC SAL ERBIL BRANCH ARBIL BBACIQBA

17 BLOM BANK S.A.L. BAGHDAD BLOMIQBA

Millionday: 18 BYBLOS BANK SAL IRAQ ARBIL BYBAIQBA

19 BYBLOS BANK SAL IRAQ BAGHDAD (BYBLOS BANK SAL) BYBAIQBABAG

20 BYBLOS BANK SAL IRAQ BASRAH BYBAIQBABAS

21 CENTRAL BANK OF IRAQ BAGHDAD CBIRIQBA

22 CIHAN BANK FOR ISLAMIC INVESTMENT AND FINANCE ARBIL CIHBIQBA

23 COMMERCIAL BANK OF IRAQ (S.A.) BAGHDAD AUBBIQBA

24 CREDIT BANK OF IRAQ BAGHDAD CBIQIQBA

25 CREDIT LIBANAIS SAL BAGHDAD CLIBIQBA

26 DAR ES SALAAM INVESTMENT BANK BAGHDAD DSIVIQBA

27 DIJLAH AND FURAT BANK BAGHDAD DFDIIQBA

28 ECONOMY BANK FOR INVESTMENT AND FINANCE BAGHDAD (ALSHORJAH) ECOVIQBA616

Millionday: 29 ECONOMY BANK FOR INVESTMENT AND FINANCE BAGHDAD ECOVIQBA

30 ELAF ISLAMIC BANK BAGHDAD ELAFIQBA

31 ERBIL BANK FOR INVESTMENT AND FINANCE ARBIL EBIFIQBA

32 FRANSABANK SAL, IRAQ BRANCH BAGHDAD FSABIQBA

33 GULF COMMERCIAL BANK BAGHDAD GUCEIQBA

34 IBL BANK, SAL BAGHDAD INLEIQBA

Millionday: SO THESE ARE THE BANKS THAT HAVE BEEN ISSUED AN INTERNATIONAL SWIFT CODE SYSTEM MINUS THE EXCHANGE FOR MONEY COMPANIES THAT HAVE SWIFT CODES AS WELL

Edoman: What happen to Warka Bank ?

Millionday: I THINK THAT THEY HAD SOME ISSUES AND HAD FROZEN ASSETS AND I HAVE NOT HEARD ANYTHING ELSE FOR IT BUT VERY GOOD QUESTION AND I WILL DO SOME RESEARCH FOR US ON IT HUN

faith1: wow .. pretty official when we have list of banks that can / will transactions international !

Millionday: YES IT IS VERY GOOD AND THEY WILL BE CONNECTED TO MANY MANY BANKS ACROSS THE GLOBE WITH THE SWIFT SYSTEM

MGM: Guess im the only one that doesnt know what an electronic clearing house is. Could you explain?

Millionday: SURE HERE WE GO

Millionday: I DONT NORMALLY PULL FROM THIS SOURCE BUT IT WILL TELL YOU WHAT IT MEANS

Millionday: A clearing house is a financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions.

These transactions may be executed on a futures exchange or securities exchange, as well as off-exchange in the over-the-counter (OTC) market.

 A clearing house stands between two clearing firms (also known as member firms or clearing participants) and its purpose is to reduce the risk of one (or more) clearing firm failing to honor its trade settlement obligations.

Millionday: A clearing house reduces the settlement risks by netting offsetting transactions between multiple counterparties, by requiring collateral deposits (also called "margin deposits"), by providing independent valuation of trades and collateral, by monitoring the credit worthiness of the clearing firms,

and in many cases, by providing a guarantee fund that can be used to cover losses that exceed a defaulting clearing firm's collateral on deposit. Also, it acts as a clearing firm.
 
Millionday: THIS EXPLAINS THE INTERNATIONAL CONCEPT -- LETS LOOK AT IT TOO

Millionday: THIS IS SO VERY IMPORTANT FOR THE ENTIRE PROCESS OF IRAQS GLOBAL ENTRY ETC AND ALSO THE INTERNATIONAL ACCEPTANCE

Millionday: Every country has some form of unique payment system based on its own financial practices, preferences and legislative requirements.

 As these countries modernise their banking systems to improve or reinforce their overall financial status globally, there is an increasing need for payment services that not only conform to international standards and infrastructures but also provide faster clearing cycles, all while balancing efficiency, cost and risk.

Millionday: NOTE -- THIS IS A RECORDED SYSTEM THROUGH THE ELECTRONIC DATA BANKING ENTRY

Millionday: A modern, efficient payment system is critical to the overall performance of a country’s economy and its ability to compete in global markets.

Such a payment system can provide governments and Central Banks with the data they need to guide monetary and fiscal policy, allow for equitable sharing of risk between parties, and promote stability in the financial system. 

It can also promote efficient use of the available money supply and create confidence in the economy abroad, providing a more favourable climate for international trade and investment.

Millionday: SO AS WE SEE -- THE WORLD BANK HOOKING IRAQ`S BANKING SYSTEM TO THIS IN ITS ENTIRETY IS A HUGE HUGE WHOOOPOW AND SHOWS THE GLOBAL PROGRESS WE ARE READING ABOUT -- SMILE

Millionday: EVERYONE NEEDS TO UNDERSTAND WHERE THIS PUTS IRAQ`S BANKING REFORM PROGRESS ON THE SCALE OF BEING DONE ACCORDING TO WHAT THE WORLD BANK SEES FOR ITS COMPLETION

Millionday: SO WHOOPOW DONT YOU THINK ROBIN? SMILE

ROBINREDHED: omg yes

Millionday: Naturally Alhal.la Ahd.mazm peoples of the world to share their industries and for centuries and Karon.lkn with the expansion of trade between the countries, and increase production,

 and the diversity and abundance of goods, it was necessary to organize such trade Dolaa.oukd We found ways of organizing banking and utilitarian means of exchange between importers and exporters around the world and a way that guarantees the rights of the parties.

Millionday: NOTE ---- THE WAY ESTABLISHED FOR THE WORLD TO SHARE THEIR INDUSTRY AND ALSO RECORD TRADE IS WHAT WE ARE READING ABOUT HERE FOR IRAQ –

 LETTERS OF CREDIT ARE PART OF THE BANKING REFORM AND SHOULD BE THE LAST GLOBAL STEP WE SEE IF THAT IS WHAT THIS IS GOING TO TELL US

Millionday: was the documentary credit process. Any reliance which is based on some documents and accreditation is the (confidence) and that's where the banks in various countries around the world to adopt the principle of trust in their dealings with each other, so the documentary credit process became the basis for import operations and Altsidir.la 

I want to disconnect the process of opening the letter of credit because the article is not this But the goal, however, want to point out some important points in reliance:

Millionday: NOTE -- IRAQ`S CREDIT RATING AND CBI AND BANKING SEEMS TO BE BEING REVEALED HERE

Millionday: NOTE -- ACTUALLY THIS SHOULD BE THE BANKS OF IRAQ RECEIVING THEIR LETTER OF CREDIT FROM CBI -- WHOOPOW

Millionday: based on the letter of credit by the bank, which is trading on a commercial contract in general without a male and a breakdown of all the paragraphs of the contract between the parties. 

Are paying $ credentials to process the source by the bank correspondent in his country (or accept the documentary clouds in the case of postpaid) to meet specific documents, namely, (arrived receipt if payment in cash and / or clouds, existing business and waybill and the insurance policy and the certificate of origin), 

There may be additional documents required by the importing such as veterinary, chemical and health certificate ... etc.
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