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Central Bank of Iraq logo
  

 Banks


Economy News _ Baghdad

The Central Bank of Iraq participated, on Tuesday, in the meetings of the Board of Directors of the Arab Monetary Fund, and the Board of Directors of the Arab Trade Finance Program, separately.

A central bank statement received by Al-Eqtisad News stated that during the meeting with the member states of the Arab Monetary Fund’s board of directors, the bank discussed issues supporting joint Arab action, most notably the “Arab Payments and Clearing System“ built ”and its importance in facilitating inter-Arab payments and financial transfers.

The statement added that the meetings of the Board of Directors of the Arab Trade Finance Program included discussions on mechanisms to re-prioritize funding for the national agencies organizing the program and in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.

 
 
Number of observations 81   Date of addendum 09/29/2020
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Al-Malouma / Baghdad ..
The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Finance Program.
A statement by the bank that received / the information / stated that “the bank discussed with the member states of the Arab Monetary Fund’s board of directors issues that support joint Arab action, most notably“ the Arab payments and clearing system “built” and its importance in facilitating inter-Arab payments and financial transfers.
The statement added, "The meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms to re-prioritize funding for the national agencies organizing the program in a manner that helps mitigate the effects of the Corona pandemic on Arab trade." End / 25

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 September 29, 2020
He called for intensifying efforts ... The Central Bank participates in two Arab meetings

 



The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program.
Where the bank discussed with members of the Fund Board states of the Arab Monetary topics to support the joint Arab action , most notably the payments system of the Arab and clearing " structures "and its importance in facilitating payments and financial transfers of inter - Arab."
 
While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.
 
The Central Bank of Iraq
information Office 
2020/9/29
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The Iraqi Central Committee discusses the Arab payments and clearing system to suppor t cross-border transfers

The Iraqi Central Committee discusses the Arab payments and clearing system to support cross-border transfers
Central Bank of Iraq - Basra Branch
 29 September 2020 03:43 PM

Mubasher: The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program.

The bank discussed, according to a statement issued today, Tuesday, with the member states of the Arab Monetary Fund’s board of directors, issues that support joint Arab action, most notably the "Arab Payments and Clearing System" Buna "; and its importance in facilitating inter-Arab payments and financial transfers.

The Iraqi Central Bank explained that the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms to re-prioritize funding for the national agencies organizing the program, and in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.

In February 2020, the Arab Monetary Fund revealed the launch of the "Bani" payments platform , in cooperation with central and commercial banks and global and regional financial institutions.

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

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and high efficiency. 

The platform offers participants modern payment solutions that comply with international standards, principles and international compliance requirements. The launch of the platform constitutes an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment links with the trading partners of Arab countries in various continents. 

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September 29, 2020
 
  61
%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9

And brother of Baghdad

The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program.

As this bank discussed with the member states of the Board of Directors of the Arab Monetary Fund issues that support joint Arab action, most notably the "Arab Payments and Clearing System" Buna "and its importance in facilitating inter-Arab payments and financial transfers.

While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.

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  • 4 weeks later...

A strategic partnership to develop innovative payments services

 
The Arab Monetary Fund announced a partnership contract between the "Buna" platform for Arab payments and "Swift" on the sidelines of the joint workshop between 
The two institutions.
A fund statement followed by Al-Sabah stated that the workshop held a high-level panel discussion between experts from the "Bunaa" Arab Payments platform and the "Swift" Association, in which it dealt with the latest developments in the field of cross-border payment settlement systems, and the strategic plans and projects to implement them, in order to improve payment services. And infrastructure development in the Arab region and the world in the face of challenges 
the list.
The current cooperation to establish the instant payments system in the BUNA platform through the SWIFT network was highlighted, in addition to aspects of enhancing compliance frameworks for anti-money laundering and terrorist financing operations through the participation of the Bani platform in the “Swift” system of “know your customer” rules. e. The Central Bank of Iraq had announced, earlier, its participation in the "Buna" platform for Arab payments in a workshop for banks operating in Iraq, after the launch of the platform by the Arab Monetary Fund.
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16 minutes ago, yota691 said:

A strategic partnership to develop innovative payments services

 
The Arab Monetary Fund announced a partnership contract between the "Buna" platform for Arab payments and "Swift" on the sidelines of the joint workshop between 
The two institutions.
A fund statement followed by Al-Sabah stated that the workshop held a high-level panel discussion between experts from the "Bunaa" Arab Payments platform and the "Swift" Association, in which it dealt with the latest developments in the field of cross-border payment settlement systems, and the strategic plans and projects to implement them, in order to improve payment services. And infrastructure development in the Arab region and the world in the face of challenges 
the list.
The current cooperation to establish the instant payments system in the BUNA platform through the SWIFT network was highlighted, in addition to aspects of enhancing compliance frameworks for anti-money laundering and terrorist financing operations through the participation of the Bani platform in the “Swift” system of “know your customer” rules. e. The Central Bank of Iraq had announced, earlier, its participation in the "Buna" platform for Arab payments in a workshop for banks operating in Iraq, after the launch of the platform by the Arab Monetary Fund.


 

CBIRIQBA XXX - SWIFT Code (BIC) - CENTRAL BANK OF IRAQ in BAGHDAD - IRAQ

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THE ARAB MONETARY FUND ANNOUNCES ITS PARTNERSHIP WITH SWIFT AT THE OCCASION OF BUNA’S 14TH VIRTUAL MARKET PARTICIPANT USER GROUP WORKSHOP: SHAPING THE PAYMENTS LANDSCAPE IN THE ARAB REGION

 22-10-2020

 

The Arab Monetary Fund (AMF) is pleased to announce its partnership with Swift at the occasion of the Buna’s 14th Online Market Participant User Group (MPUG) Workshop that took place on Tuesday October 20, 2020, where executives and experts from both organizations held discussions around the latest industry trends taking place in the Arab region. The workshop also covered the key strategic area of collaboration between Buna and Swift across developing the Buna instant payment system and streamlining the Buna participants KYC onboarding process as well as Buna’s adoption of standardized Swift message formats and compatibility with SWIFT gpi.

Together, both Buna and Swift have joined forces and are currently building on their strengths to better serve the financial community and to address the challenges facing the Arab region. Such partnership is in fact another testimony when it comes to both organization commitment towards serving the wider financial ecosystem and streamlining cross-border payments.

On this occasion, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of Executive Directors of the Arab Monetary Fund, emphasized on the strategic significance of such partnership for the wider regional and global financial community. He also expressed his appreciation for the increased traction and attention received from the regional and global financial institutions when it comes to the series of Market Participant User Group workshop. Finally, his Excellency reiterated his sincere gratitude to the Governors of the Central Banks and Arab monetary institutions for their continuous efforts and support in ensuring the success of Buna.

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Bennah is a major player in the financial sector

Saturday 12 December 2020 19

Bennah is a major player in the financial sector

 
 Abu Dhabi: Follow up
 
 
The Arab Monetary Fund held a workshop remotely under the title: “Comparison with other global payment systems: What makes the Bunna platform a key player in this 
Sector ».
The workshop sessions were devoted to reviewing the capabilities of the “Buna” platform, affiliated to the Regional Establishment for Arab Clearing and Settlement of Payments owned by the Fund, and its expected role in the global financial payments sector.
The sessions shed light on the operational propositions of this platform and the added value it provides in the financial payments sector in the regional and global markets.
More than 200 people participated in the workshop from representatives of Arab and international central banks and financial institutions from banks and payment technology companies and financial services providers from the region and the world. The work program included a number of topics of importance related to the activity of global inter-payments, among them the requirements and rules for compliance with international regulatory and supervisory standards, and the directives of the Group of Twenty with regard to strengthening the activity and operations of global inter-payments.
The representative of the World Bank emphasized that the “Buna” platform represents a model that reflects the main directions of the G20 guidelines in the field of cross-border payments, noting the platform's compliance verification feature and its role in promoting the compliance system in the Arab region.
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Fri 11-12-2020 11:32 AM

Arab Monetary Fund holds virtual workshop showcasing Buna’s abilities to enhance and suppor t growth of global payment industry

2673003742148847784.jpg

 

ABU DHABI, 11th December, 2020 (WAM) -- The Arab Monetary Fund, AMF, hold on Thursday December 10, 2020 an online workshop titled "Buna compared to other payment systems from around the globe: What makes Buna a key player."

The workshop sessions focused on positioning Buna - the cross-border payment system owned by the AMF - against the current global landscape and future trends of payment systems, shedding light on Buna’s business model and the added value it brings to the regional and international payment industry.

The virtual event was attended by more than 200 senior officials representing Arab and international central banks and a wide spectrum of regional and international institutions from the financial, banking and payment sectors.

The workshop agenda, covered various key topics and trends related to the cross-borders payment industry around the globe, including compliance practices and the G20 guidelines to enhance cross-border payments.

High-level speakers from international organisations and other experts from the banking and financial sector, shared their views on the leading role that Buna is capable to play to unlock value and positively contribute to the growth of the payment industry at a regional and global level.

A spokesperson from the World Bank confirmed that the Buna platform represents a model that reflects the main directions of the G20 guidelines in the field of cross-border payments, highlighting the platform strong and clear commitment to the global compliance principles and the role Buna can play in promoting compliance standards across the Arab region.

At this occasion Mehdi Manaa, Chief Executive Officer of Buna said: "We foresee Buna role not only as a driver to the cross-border payment business in the region but as a key contributor to the development of this sector at a global level. We are keen to deliver a new, agile and innovative business model capable to answer to the current and future needs of the wider financial and banking community, in a safe, cost-effective and efficient manner."

"Buna solutions and services comes in line with the G20 drawn roadmap for a reliable and transparent cross-border global payment services. We underline the continuous support we are receiving from the governors of the Arab central banks and the different global organisations, during our journey to build a centralised, solid and safe multicurrency payment system that complies with international standards and compliance requirements." Added Mehdi.

Statements from the speakers and panelists at this workshop, served as another unique opportunity to re-emphasise on the key aspects of Buna offering, and the highly secured and risk-controlled system that it puts in place.

Buna’s efforts to exercise high-level compliance standards and its focus on protecting the data and business information of its growing network of participants, was highly recognised during the different interventions at the workshop.

 

WAM/Hazem Hussein
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THE ARAB MONETARY FUND HOLDS A VIRTUAL WORKSHOP SHOWCASING BUNA’S ABILITIES TO ENHANCE AND SUPPOR T THE GROWTH OF THE GLOBAL PAYMENT INDUSTRY

 11-12-2020

 

Attended by more than 200 senior officials representing Arab and international central banks and a wide spectrum of financial institutions

The workshop hosted speakers from international organizations and experts from the banking and financial sector

Buna solutions and services comes in line with the G20 drawn roadmap for a reliable and transparent cross-border global payment services

The speakers recognized Buna efforts to exercise high level compliance standards and data protection

Abu Dhabi, 11 December 2020: The Arab Monetary Fund (AMF) hold on Thursday December 10, 2020 an online workshop titled “Buna compared to other payment systems from around the globe: What makes Buna a key player.” The workshop sessions focused on positioning Buna - the cross-border payment system owned by the AMF - against the current global landscape and future trends of payment systems, shedding light on Buna’s business model and the added value it brings to the regional and international payment industry.

The virtual event was attended by more than 200 senior officials representing Arab and international central banks and a wide spectrum of regional and international institutions from the financial, banking and payment sectors.

The workshop agenda, covered various key topics and trends related to the cross-borders payment industry around the globe, including compliance practices and the G20 guidelines to enhance cross-border payments.  

High-level speakers from international organizations and other experts from the banking and financial sector, shared their views on the leading role that Buna is capable to play to unlock value and positively contribute to the growth of the payment industry at a regional and global level. A spokesperson from the World Bank confirmed that the Buna platform represents a model that reflects the main directions of the G20 guidelines in the field of cross-border payments, highlighting the platform strong and clear commitment to the global compliance principles and the role Buna can play in promoting compliance standards across the Arab region.

At this occasion Mehdi Manaa, Chief Executive Officer of Buna said: “We foresee Buna role not only as a driver to the cross-border payment business in the region but as a key contributor to the development of this sector at a global level. We are keen to deliver a new, agile and innovative business model capable to answer to the current and future needs of the wider financial and banking community, in a safe, cost-effective and efficient manner.”

“Buna solutions and services comes in line with the G20 drawn roadmap for a reliable and transparent cross-border global payment services. We underline the continuous support we are receiving from the governors of the Arab central banks and the different global organizations, during our journey to build a centralized, solid and safe multicurrency payment system that complies with international standards and compliance requirements.” Added Mehdi.

Statements from the speakers and panelists at this workshop, served as another unique opportunity to re-emphasize on the key aspects of Buna offering, and the highly secured and risk-controlled system that it puts in place. Buna’s efforts to exercise high-level compliance standards and its focus on protecting the data and business information of its growing network of participants, was highly recognized during the different interventions at the workshop.

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  • 3 weeks later...

Arab Monetary Fund: The full operation of the "Buna" Arab Payments Platform

Arab Monetary Fund: The full operation of the "Buna" Arab Payments Platform
The headquarters of the Arab Monetary Fund
 

Abu Dhabi - Mubasher: The Arab Monetary Fund (AMF) today announced the full operation of the "Buna" Arab Payments platform, affiliated to the Regional Corporation for Arab Payments Clearing and Settlement, owned by the Fund.

The "Bony" platform has started to implement the work of sending and receiving payments across borders in multiple currencies, according to a press release.

This achievement constitutes an additional milestone for the success of the "Bunaa" platform, in completing the main stages of its clear strategy and plans that aim to be the payment platform of choice in the various markets of the Arab region and beyond.

The first stop in Buna’s journey was with the completion of the technical readiness of the platform in February 2020, followed by the building and expansion of its network of participating banks and settlement currencies. The last step was the actual operation of the platform.

The "Buna" platform made the first cross-border payment, by implementing a transfer in the UAE dirhams between Mashreq Bank in the United Arab Emirates and Banque Misr in the Arab Republic of Egypt. 

This process also constituted the launch of the operational activity of the "Buna" platform, and proof of the operational and technical readiness of the platform to implement cross-border payments, in accordance with all international standards. 

Mashreq Bank and Banque Misr are among the first banks in the United Arab Emirates and the Arab Republic of Egypt to have associated with the Bunaa Arab Payments platform, and the first two banks to successfully implement a transfer process through this platform.

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More awesome news....I bet a doughnut this move Iraq/Kuwait Reconstruction efforts, with all that donor money to the next level. It also should, hopefully decrease corruption in these Arab Countries...

 

“Arab Cash”: The full operation of the “Bunaa” payment platform begins

 
 
  Abu Dhabi: Follow up
 
The Arab Monetary Fund (AMF) announced the start of the full operation of the “Buna” platform for Arab payments, which is affiliated with the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund. The “Buna” platform has started to implement the work of sending and receiving payments across borders in multiple currencies.
The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi, said: “We are proud and happy to announce that the Buna Payment Platform system is now operating at full capacity, and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that meet the eligibility and time requirements Actual.
He added, "The success of the first payment process constitutes strong evidence of our commitment to follow our plan despite the difficult circumstances and unprecedented challenges at the global level, and it also constitutes an additional confirmation of the ability of the Buna platform to carry out its operational activity within the specified requirements and in accordance with international standards and principles."
 His Excellency added, “This success would not have been possible without the continued support of Arab central banks. In conjunction with our continuous endeavor to continue expanding our network of participating banks and settlement currencies, our focus will always be on providing modern payment solutions throughout the Arab region and beyond, in line with international standards and principles and international compliance requirements. ”
In turn, Banque Misr Chairman Mohamed Al-Atribi commented: “Based on Banque Misr's pioneering position and the bank’s constant keenness to support efforts to create an Arab payment platform, the bank welcomes its being part of the Bunaa Arab Payments platform, which is the first regional payment system that links financial infrastructures. The main trading partners of the Arab world.
For his part, CEO of Mashreq Bank, Ahmed Abdel-Al, said: “Mashreq Bank commends the vision of the Arab Monetary Fund for launching the“ Buna ”Arab Payments platform to achieve a pivotal change in the reality of the payments industry in the Arab region. "These features would enhance the level of harmonization and standardization, thus contributing to expanding coverage at the global level and making cross-border payments more rapid and safer," he stressed.
The “Buna” Arab Payments platform is expecting more than 120 banks to join its network of participating banks. And settlement of financial and investment transactions across borders, and linking with the main trading partners of Arab countries.
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41 minutes ago, yota691 said:

More awesome news....I bet a doughnut this move Iraq/Kuwait Reconstruction efforts, with all that donor money to the next level. It also should, hopefully decrease corruption in these Arab Countries...

 

“Arab Cash”: The full operation of the “Bunaa” payment platform begins

 
 
  Abu Dhabi: Follow up
 
The Arab Monetary Fund (AMF) announced the start of the full operation of the “Buna” platform for Arab payments, which is affiliated with the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund. The “Buna” platform has started to implement the work of sending and receiving payments across borders in multiple currencies.
The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi, said: “We are proud and happy to announce that the Buna Payment Platform system is now operating at full capacity, and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that meet the eligibility and time requirements Actual.
He added, "The success of the first payment process constitutes strong evidence of our commitment to follow our plan despite the difficult circumstances and unprecedented challenges at the global level, and it also constitutes an additional confirmation of the ability of the Buna platform to carry out its operational activity within the specified requirements and in accordance with international standards and principles."
 His Excellency added, “This success would not have been possible without the continued support system" rel="">support of Arab central banks. In conjunction with our continuous endeavor to continue expanding our network of participating banks and settlement currencies, our focus will always be on providing modern payment solutions throughout the Arab region and beyond, in line with international standards and principles and international compliance requirements. ”
In turn, Banque Misr Chairman Mohamed Al-Atribi commented: “Based on Banque Misr's pioneering position and the bank’s constant keenness to support system" rel="">support efforts to create an Arab payment platform, the bank welcomes its being part of the Bunaa Arab Payments platform, which is the first regional payment system that links financial infrastructures. The main trading partners of the Arab world.
For his part, CEO of Mashreq Bank, Ahmed Abdel-Al, said: “Mashreq Bank commends the vision of the Arab Monetary Fund for launching the“ Buna ”Arab Payments platform to achieve a pivotal change in the reality of the payments industry in the Arab region. "These features would enhance the level of harmonization and standardization, thus contributing to expanding coverage at the global level and making cross-border payments more rapid and safer," he stressed.
The “Buna” Arab Payments platform is expecting more than 120 banks to join its network of participating banks. And settlement of financial and investment transactions across borders, and linking with the main trading partners of Arab countries.

Gradual and Spontaneous no Fanfare.

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Iraq is working on adopting dinars for the Bani money transfer platform

Jan 4, 2021

Iraq is working on adopting dinars for the Bani money transfer platform

 

{Baghdad: Al Furat News} The Central Bank of Iraq confirmed, on Monday, that work is underway to approve the Iraqi dinar in the Bani Money Transfer Platform.


A central bank statement said, "With the aim of working to expand the scope of electronic payments, the actual launch and operation of the Bani Inter-Arab Payments platform."


He explained that "{Bani}" is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies. The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham.

 
"The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and 👉 work is underway to adopt the Iraqi dinar in the system for the next stage," the statement added.
"The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce recourse to international centers from correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers," he added.

Ali al-Rubaie

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Central Iraq: Work is underway to approve the dinar on the "Buna" platform for Arab payments

Central Iraq: Work is underway to approve the dinar on the "Buna" platform for Arab payments
An expressive picture of the new headquarters of the Central Bank of Iraq
 

Mubasher: The Central Bank announced today, Monday, that Iraq will participate in the (Buna) platform; With the aim of working to expand the scope of electronic payments, referring to the actual launch and operation of the Buna inter-Arab payments platform, which is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies.

The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham.

The Central Bank added, in a statement, that it had previously signed an agreement with a number of local banks and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, indicating that work is underway to adopt the Iraqi dinar in the system for the next stage.

The Central Bank stated that the participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce the recourse to global centers of correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers.

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25317.jpg
 
 

 Banks


Economy News _ Baghdad

On Monday, the Central Bank of Iraq announced its participation in the Bunna Inter-Arab Payments platform.

In a statement received by Al-Eqtisad News, the bank said, "Participation in the Bunna Inter-Arab Payments platform," indicating that "the goal is to expand the scope of electronic payments."

"The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the currency of the UAE dirham," he added.

The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage, as the participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner. This platform will help reduce the recourse to international centers from correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers.

 
 
Number of observations 79   Date added 01/04/2021
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3 hours ago, alreis said:

Plus sounds like some XRP is involved for real time clearing and settlement.

 

Oh boy!

 

"The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies,

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