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The Central Bank Will Participate In The "Beni" Platform For Arab Payments


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The Independent / - The Central Bank of Iraq announced its participation in the "Beni" platform for Arab payments, stressing that the platform provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements.

The bank said in a statement that the "Independent" received a copy of it today, Monday, that the Central Bank of Iraq and in cooperation with the Arab Monetary Fund will attend this morning a workshop for banks operating in Iraq to participate in the platform, and this comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement Arab payments, which is managed by the Arab Monetary Fund, and preparations are made for this bank and a number of local banks for direct participation in the platform.

He added, "The workshop will discuss the proposed banks' business plans and touch on the technical requirements and the steps required to ensure that they are easily connected to the platform and to know the extent to which banks are ready for that."

He noted, "The (structures) platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."

The platform also aims, according to the statement, “to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to the platform that Beni provides to Participants are modern payment solutions that are in line with international standards, principles and international compliance requirements, and in the opportunities for economic and financial integration in the Arab region, they contribute effectively to supporting investment links with the trading partners of Arab countries on various continents.

He added, "The platform will be available to all banks that meet the criteria and conditions for participation in them, foremost among which are the standards and procedures for compliance aspects."

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The Central Bank of Iraq announced, Monday, that it will organize and in cooperation with the Arab Monetary Fund this morning, a workshop for banks operating in Iraq to participate in the "structures" platform for Arab payments.
The bank added in a statement that Alsumaria News received a copy of it, "This comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are being made for this bank and a number of local banks to participate directly in the platform." .
 
 

The statement pointed out , that " the workshop will discuss the work of the proposed plans of banks and address the technical requirements and the steps required to ensure that facilitate linking them to see how the platform and the readiness of banks to it."
He explained
that the "platform built represents a multi - currency payment platform provides clearing services and settlement currencies Arab and international currencies in which the eligibility requirements are available, for clearing and settlement of financial transactions intra - Arab as well as financial transactions between the Arab countries and trading partners presidents of Arab countries."


He continued:
" It also aims the platform to enable financial and banking institutions in the Arab region , including the central and commercial banks, to send and receive intra - payments throughout the Arab region and beyond are safe and reliable cost suitable for high and effectiveness, as well as the platform structures provided to participants Modern payment solutions that comply with international standards, principles and international compliance requirements. "
Showed
that, "In the economic and financial integration opportunities in the Arab region , it is where it effectively contributes to support investment ties with Arab countries in various continents trading
partners. It will be the platform available to all banks that meet the criteria and conditions for participation, and in the forefront of standards and procedures Compliance aspects. "

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The Iraqi Central Bank discusses the plans of banks in preparation for linking it to a built platform

The Iraqi Central Bank discusses the plans of banks in preparation for linking it to a built platform
The Central Bank of Iraq
 July 13, 2020 1:02 PM

Direct: The Iraqi Central Bank discussed, on Monday, the banks' business plans to ensure that they are easily linked to a multi-currency structure platform.

A statement by the bank stated that "the Central Bank of Iraq, in cooperation with the Arab Monetary Fund, organized a workshop for banks operating in Iraq to participate in the platform, this came after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund and preparations are made for this The bank and a number of local banks to participate directly in the platform. "

The statement added that "the workshop discussed the proposed banks 'business plans and touched on the technical requirements and the steps required to ensure facilitating their connection to the platform and to know the banks' readiness to do so."

The "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clearing and settling inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of Arab countries. 

It aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and abroad in a safe and reliable manner at an appropriate cost and high efficiency, as well as a platform that provides to the participants modern payment solutions that are in line with the standards and principles International and international compliance requirements. 

And in the opportunities for economic and financial integration in the Arab region, it actively contributes to it to support investment links with the trading partners of Arab countries on various continents.

The platform will be available to all banks that meet the criteria and conditions for participation in them, foremost among which are the standards and procedures for compliance aspects.

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thanks yota ,i like seeing / reading anything banking progress here is some of the arab region currency values , iraq needs to kick it up a notch or two now 🤣

  • Bahraini Dinar (BHD) :1 BHD = 2.6 USD.
  • Kuwait - Kuwaiti Dinar (KWD) : 1 KWD = 3.3 USD.
  • Oman - Omani Rial (OMR) : 1 OMR = 2.6 USD.
  • Qatar - Qatar Rial (QAR) : 1 QAR = 0.27 USD.
  • Saudi Arabia - Saudi Riyal (SAR) : 1 SAR = 0.27 USD.
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The central bank participates in the "Banna" platform for Arab payments

843609-6bf96942-5c84-47bf-a834-0dc40e561
Baghdad / Nina / The Iraqi Central Bank announced today, Monday, in cooperation with the Arab Monetary Fund, a workshop for banks operating in Iraq to participate in the "structures" platform for Arab payments.

The bank said in a statement: "This comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are being made for this bank and a number of local banks for direct participation in the platform."
The
statement pointed out , that " the workshop will discuss the work of the proposed plans of banks and address the technical requirements and the steps required to ensure that facilitate linking them to see how the platform and the readiness of banks to it."

He explained, "The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."
He said:
"The platform is designed to enable financial and banking institutions in the Arab region, including the central and commercial banks, to send and receive intra - payments throughout the Arab region and beyond are safe and reliable suitable for high and effective cost, as well as the platform built offering Participants will have modern payment solutions that comply with international standards, principles and international compliance requirements. "

And, "The opportunities for economic and financial integration in the Arab region will contribute effectively to support investment links with the trading partners of Arab countries on various continents, and the platform will be available to all banks that meet the criteria and conditions for participation in them, in the forefront of which are standards and procedures for compliance aspects." / End 8
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1 hour ago, 3n1 said:

thanks yota ,i like seeing / reading anything banking progress here is some of the arab region currency values , iraq needs to kick it up a notch or two now 🤣

  • Bahraini Dinar (BHD) :1 BHD = 2.6 USD.
  • Kuwait - Kuwaiti Dinar (KWD) : 1 KWD = 3.3 USD.
  • Oman - Omani Rial (OMR) : 1 OMR = 2.6 USD.
  • Qatar - Qatar Rial (QAR) : 1 QAR = 0.27 USD.
  • Saudi Arabia - Saudi Riyal (SAR) : 1 SAR = 0.27 USD.


I will gladly take any one of those rates!! 🥳

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1 hour ago, yota691 said:

The central bank participates in the "Banna" platform for Arab payments

843609-6bf96942-5c84-47bf-a834-0dc40e561
Baghdad / Nina / The Iraqi Central Bank announced today, Monday, in cooperation with the Arab Monetary Fund, a workshop for banks operating in Iraq to participate in the "structures" platform for Arab payments.

The bank said in a statement: "This comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are being made for this bank and a number of local banks for direct participation in the platform."
The
statement pointed out , that " the workshop will discuss the work of the proposed plans of banks and address the technical requirements and the steps required to ensure that facilitate linking them to see how the platform and the readiness of banks to it."

He explained, "The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."
He said:
"The platform is designed to enable financial and banking institutions in the Arab region, including the central and commercial banks, to send and receive intra - payments throughout the Arab region and beyond are safe and reliable suitable for high and effective cost, as well as the platform built offering Participants will have modern payment solutions that comply with international standards, principles and international compliance requirements. "

And, "The opportunities for economic and financial integration in the Arab region will contribute effectively to support investment links with the trading partners of Arab countries on various continents, and the platform will be available to all banks that meet the criteria and conditions for participation in them, in the forefront of which are standards and procedures for compliance aspects." / End 8

Good morning Yota, and, wow!!!!! this is BIG. I could be wrong, but I think this could be the beginning :twothumbs:

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1 hour ago, Half Crazy Runner said:

Indeed :bump:!!

Hoping that somebody here who understands this Beni/bani/banna platform can share some enlightenment 💡 

 

While googling the bani platform I read in another article that Egypt joined in March of 2020. 

 

Giving it a once over I will give it a shot. A little more than what you need with the crypto. This sounds like a commercial for State Banks and XRP.

 

Think of the Bani as the middleman to handle a State banking network where each state has its own bank and its own currency. Much like in the early colonial period. 

 

Lets say 

 

Bank of NC- NC dollar – Value of $2.00

Bank of GA - GA dollar – Value of $1.75

Bank of SC - SC dollar – Value of $1.86

Bank of VA - VA dollar – Value of $195

 

and XRP

-----------------------

From Currency.com 

What is XRP?

XRP is a cryptocurrency that was devised by Ripple. The company describes it as a “digital asset built for global payments”. To cut a long story short, it’s fair to say that Ripple has its sights set on the international transfer market. At present, it can often be really expensive to send money around the world, and banks charge astronomical fees. To add insult to injury, outdated systems can also mean payments take several days to reach the recipient’s bank account.

The Ripple coin (XRP) is designed to tackle this by allowing large sums of money to be sent securely and quickly at little cost. This doesn’t just have the potential to help everyday consumers – financial institutions themselves are also keen to get in on the action. As a result, it’s telling that Ripple has already attracted an impressive list of banks and payment providers who use its network – including American Express, Bank of America Merrill Lynch, HSBC, Barclays, Royal Bank of Scotland, Santander, Unicredit and MoneyGram.

----------------------------

I am from VA and I want to buy Corn from NC. I contact you and we make a deal. I go to my bank and tell them that I want to transfer X amount of VA – dollars to State Bank in NC. 

 

Here comes the Middleman:

 

Bani

"The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."

 

And XRP.

 

One thing XRP does is provide Clearing and Settlement. This is also in conjunction with On Demand Liquidity (ODL - where banks do not have to have a large stockpile of funds to cover the transfers) and a Ledger of the transaction. 

 

The Multi currency is all the Inter Regional dollars – NC, GA. SC, and VA. 

 

My bank wires it to your bank over the Bani Platform (Middleman). The Middlemen then takes the VA – dollar being transferred and converted it into NC – dollar. You check your account and the funds are there. I then sell your Corn to England and the Middleman can also do that transaction as well.

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42 minutes ago, ChuckFinley said:

 

Giving it a once over I will give it a shot. A little more than what you need with the crypto. This sounds like a commercial for State Banks and XRP.

 

Think of the Bani as the middleman to handle a State banking network where each state has its own bank and its own currency. Much like in the early colonial period. 

 

Lets say 

 

Bank of NC- NC dollar – Value of $2.00

Bank of GA - GA dollar – Value of $1.75

Bank of SC - SC dollar – Value of $1.86

Bank of VA - VA dollar – Value of $195

 

and XRP

-----------------------

From Currency.com 

What is XRP?

XRP is a cryptocurrency that was devised by Ripple. The company describes it as a “digital asset built for global payments”. To cut a long story short, it’s fair to say that Ripple has its sights set on the international transfer market. At present, it can often be really expensive to send money around the world, and banks charge astronomical fees. To add insult to injury, outdated systems can also mean payments take several days to reach the recipient’s bank account.

The Ripple coin (XRP) is designed to tackle this by allowing large sums of money to be sent securely and quickly at little cost. This doesn’t just have the potential to help everyday consumers – financial institutions themselves are also keen to get in on the action. As a result, it’s telling that Ripple has already attracted an impressive list of banks and payment providers who use its network – including American Express, Bank of America Merrill Lynch, HSBC, Barclays, Royal Bank of Scotland, Santander, Unicredit and MoneyGram.

----------------------------

I am from VA and I want to buy Corn from NC. I contact you and we make a deal. I go to my bank and tell them that I want to transfer X amount of VA – dollars to State Bank in NC. 

 

Here comes the Middleman:

 

Bani

"The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."

 

And XRP.

 

One thing XRP does is provide Clearing and Settlement. This is also in conjunction with On Demand Liquidity (ODL - where banks do not have to have a large stockpile of funds to cover the transfers) and a ledger of the transaction. 

 

The Multi currency is all the Inter Regional dollars – NC, GA. SC, and VA. 

 

My bank wires it to your bank over the Bani Platform (Middleman). The Middlemen then takes the VA – dollar being transferred and converted it into NC – dollar. You check your account and the funds are there. I then sell your Corn to England and the Middleman can also do that transaction as well.

Thanks Chuck! Very helpful 👍🏻

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Just now, Laid Back said:

Banna Platform = Financial integration in the Arab region 

 

Go CBI

Go integration 

Go RV

Bring that Region closure together. Better working relationship, strong commerces, and reduced conflict. 🙏

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Central Bank participates in the Arab Monetary Fund in the "brown" platform
 July 13, 2020 39 Views
 

images-36.jpg
 

The Central Bank of Iraq announced, on Monday, that it will organize and in cooperation with the Arab Monetary Fund this morning, a workshop for banks operating in Iraq to participate in the "brown" platform for Arab payments.

The bank added in a statement received by (Iraqi Media News Agency / INA) that this comes after the announcement of the launch of a platform for Arab payments of the Regional Corporation for the clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are being made for this bank and a number of local banks for direct participation On the platform. ”

The statement pointed out that "the workshop will discuss the proposed banks 'business plans and address the technical requirements and the steps required to ensure facilitating their connection to the platform and to know the extent of the banks' readiness to do so."

He explained, "The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."

He continued: “The platform also aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to that the Beni platform provides the participants with payment solutions It is in line with international standards, principles and international compliance requirements. ”

She indicated that, “In the opportunities for economic and financial integration in the Arab region, it contributes in it effectively to support investment links with the trading partners of the Arab countries on various continents.

The platform will be the criteria and conditions for participation, and in the forefront of standards and procedures for aspects of compliance. "

 

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10 hours ago, yota691 said:

multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements,

Hope everyone having a Good Day DV....you would think that this would speed up Reconstruction of Iraq with all those donor countries that pledge monies to help rebuild...

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