Official: CBI News 02/27/2023

[6ly410]

Prime Minister #محمد_شياع_السوداني meets a delegation from Visa for electronic payment cards Prime Minister affirms the government's determination to implement reform, and to proceed with plans for financial inclusion and digitization of banking transactions

[6ly410]

Iraq promotes the digitization of its financial and banking services. Dollar smuggling is an obstacle - urgent

Economy | Today, 22:07 | 

 

Iraq promotes the digitization of its financial and banking services. Dollar smuggling is an obstacle - Urgent » Baghdad Today News Agency    

 

Baghdad Today - Baghdad

Iraq continues to promote the digitization of its financial and banking services, coinciding with the passage of two months since the start of the implementation of a series of financial reforms, in response to the measures taken by the US Federal Reserve to limit the smuggling of dollars from Iraq to Iran and the Syrian regime.

The most prominent of these measures was the imposition of an electronic trading platform for the sale of hard currency at the Central Bank of Iraq that allows the United States to monitor the movement of money transfers in hard currency (dollars), and to prohibit various companies and banks from dealing with them.

During the past days, the dinar recorded a new recovery, after its value fell to about 1700,1520 dinars per dollar, during the past month, and the Baghdad stock exchanges (Al-Kifah and Al-Harithiya) and the Erbil Stock Exchange witnessed today, trading at a value of 1310 dinars per dollar, while the Central Bank sells the dollar on a limited basis to small licensed traders at a price of <> dinars.

The Central Bank also began to cover the needs of travelers outside Iraq from the dollar, at the same price, and by $ 7500,<> per person, after presenting the ticket and entry visa, while those who plan to buy real estate abroad can also obtain the dollar at the official rate, provided that they provide proof of their need for it, and Iran and Syria were excluded from those measures, as they are among the US sanctions.

Visa representatives said during their Sudanese meeting today "their comprehensive support for the government's plan to deploy points of sale with electronic cards (POS), the steps taken by the Central Bank of Iraq, and the government program that seeks more flexibility in economic transactions, while raising the level of efficiency and legal compliance."

Yesterday, the Visa delegation held a series of intensive meetings with Iraqi financial officials, most notably the Governor of the Central Bank, Ali Al-Alaq.

He added that "they discussed the support provided by Visa to regulate the market and increase the acceptance of electronic collection, in support of the government's directions and decisions taken to activate electronic payment through the use of technology provided by the company, as well as improving regulations and instructions for digital financial services."

Al-Alaq stressed that "the Central Bank is supportive in its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq," noting that "the Central Bank seeks to make a qualitative leap in the field of financial technology in the banking sector by keeping pace with the latest global technologies."

In early January, the Central Bank announced the start of selling dollars through the electronic platform, in response to US conditions, and this was followed by great chaos within the Iraqi market, due to the inability of import companies and traders to obtain dollars to finance their trade, especially with Iran, China, Turkey and Jordan, the most present countries in the Iraqi market.

The value of the dinar fell due to speculation by remittance offices and exchange companies, which resulted in the dinar losing more than 30% of its value.

The Sudanese government approved a series of decisions, most notably the dismissal of former bank president Mustafa Makhif and the naming of Ali Al-Alaq as his replacement, and a series of arrests and penalties against speculators in the market, before deciding to officially raise the value of the dinar from 1450 dinars to the dollar, to 1310 dinars last week.

Financial expert Mohammed Al-Sheikhly attributed the continued difference between the official exchange rate of the dinar offered by the Central Bank at 1310 dinars to the dollar, and black market trading at 1520 dinars, to the lack of sales of the Central Bank of the dollar through the official window, and the continued high demand for it in the market.

Al-Sheikhly added that many traders in the automotive and construction sector prefer to continue dealing with the dollar because it is considered more reliable than the dinar, while there are small traders who have deals that the Central Bank does not accept within the electronic platform monitored by the United States, because they are with Iran, Syria or private companies subject to US sanctions, so they resort to the market to obtain dollars, even if it is at a higher price.

"The difference will continue for a short period between the official rate and the market price relative to the dollar against the Iraqi dinar, but if the government continues on one unchanged policy, the difference will narrow," he said.

He pointed out that the continued smuggling of dollars to Iran and Damascus from many parties and through many routes, some of which are across the border, also contributes to the continued weakening of the value of the dinar and increasing the demand for dollars.

[yota691]

Al-Rasheed begins his first steps to obtain the main membership in the international visa card

• Time: 04/06/2023 12:24:42
•  
• Read: 819 times

  

{Economic: Al Furat News} Al Rasheed Bank announced the start of its first steps to obtain the main membership in the international Visa Card Company.

 

The bank stated in a statement received by {Euphrates News} that "a meeting was held today, chaired by Basem Abd Ali Youssef, the general manager, and in the presence of the assistant general manager, the cards department, the comprehensive system unit, and representatives of the Visa Card company, where the offer submitted by the company and the privileges that the bank will obtain from membership were explained." 

 

And he indicated that "the bank demanded that the services provided by the company include various services at the lowest costs and with international advantages that facilitate the citizen's electronic financial transactions at the lowest costs and as quickly as possible. In conclusion, it was agreed to develop an efficient and effective work plan for the development of electronic payment business." 

[6ly410]

An Iraqi bank launches instant payment service

August 9, 2023

 

 

news source /NR TV channel

The source of the news / NR TV channel

The first “digital” bank in Iraq announced the launch of the “Visa Direct” service, in cooperation with “Visa”, the world leader in digital payments.

The bank added, in a statement received by NRT Arabia, a copy of it, that “Visa Direct” is a real-time payment service from one side to the other, which will enable Iraqi customers to enjoy real-time transfers for the first time in the country.

The statement pointed out that “Visa Direct” is a payment service provided by “Visa”, which allows real-time payments to be sent directly to the recipient's valid debit or credit card, using the 16-digit “Visa” card number.

“We are proud to provide this pioneering service to our customers in Iraq, and we believe that this will contribute to improving responsible access to financial services in the Iraqi market,” said the founder of the “First Iraq” Bank, Kawa Junaid, according to to the statement.

He continued, "By integrating financial and technological innovation with Visa's global architecture, the First Bank of Iraq will contribute to supporting Iraq's greater integration into global markets."

Junaid stated, “The First Bank of Iraq is proud of its advanced technologies in the field of combating money laundering and combating the financing of outlaw groups (AML/CFT), and its operations and staff specialized in this field.”

And he indicated that “First Bank of Iraq seeks to ensure exceptional efforts in the Iraqi market,” explaining, “We are committed to the highest standards (AML / CFT) and compliance with laws and regulations. We have combined technologies and efforts to leverage advanced compliance solutions, including real-time transaction monitoring, digital identity verification and address linking, and setting transaction and deposit limits.”

While the Director of the “Visa” Group in the Middle East, Mario Makari, explained that “Visa is looking forward to providing first-class international money movement solutions in the Iraqi market, using the capabilities of Visa Direct for international dealings, First Bank of Iraq customers will be able to access their money, move it, use it and communicate with more than three billion cards globally, while maintaining accessibility and security.”

Makari emphasized, “We strongly believe that this cooperation will create better user experiences by facilitating (the process of accessing, moving and using) the funds of First Bank of Iraq customers through a secure digital banking platform.”

According to the statement, the advantages of the “Visa Direct” money transfer service include speed in settlements, ease of use of phone banking, security and reliability of the global “Visa Direct” system, global availability of the “Visa Direct” system, and lower costs for transferring money from one person to another.

 

https://iraqakhbar-com.translate.goog/4021620?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

[6ly410]

First Iraqi Bank launches New Payment Service via Visa

First Iraqi Bank launches New Payment Service via Visa | Iraq Business News (iraq-businessnews.com)

14th August 2023 in Iraq Banking & Finance News, Iraq Industry & Trade News

By John Lee.

Iraq's first digital bank, First Iraqi Bank, has announced the launch of Visa Direct for the first time in the Iraqi market, in partnership with Visa.

According to a press release, Visa Direct is a real-time point-to-point payment service that will enable Iraqi consumers to enjoy real time transfers for the first time.

It allows payments to be sent directly to a recipient's eligible Visa debit card or credit card, using the recipient's 16-digit Visa card number.

Mr. Kawa Junaid, founder of First Iraqi Bank, is quoted as saying:

"We are proud to offer this cutting-edge service to our customers in Iraq, and believe this is going to improve responsible financial access in the Iraqi market."

Mario Makary, Levant Cluster Manager, Visa added:

"With Visa Direct cross border capabilities, First Iraqi Bank customers will be able to access, move and use their money and connect with over three billion cards globally, without compromising on accessibility and security. We strongly believe that this collaboration will create better user experiences by making it easier for FIB customers to access, move and use their money within a secure digital banking platform."

(Source: First Iraqi Bank)

[64jaguar]

5 hours ago, 6ly410 said:

"a secure digital banking platform."

Can you say Ripple's (XRP)?

[yota691]

FIRST IRAQI BANK Launches Real-time Payment Service Visa Direct for Iraqi Consumers

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NEWS PROVIDED BY

First Iraqi Bank

13 Aug, 2023, 03:21 ET

 

 

Baghdad, Iraq: 9 August 2023—Iraq's first digital bank, First Iraqi Bank, announces the launch of Visa Direct for the first time in the Iraqi market, in partnership with Visa, the world's leader in digital payments.

 

Visa direct is a real-time point-to-point payment service that will enable Iraqi consumers to enjoy real time transfers for the first time.

 

BAGHDAD, Iraq, Aug. 13, 2023 /PRNewswire-PRWeb/ -- Iraq's first digital bank, First Iraqi Bank, announces the launch of Visa Direct for the first time in the Iraqi market, in partnership with Visa, the world's leader in digital payments. Visa direct is a real-time point-to-point payment service that will enable Iraqi consumers to enjoy real time transfers for the first time.

 

Visa Direct is a payment service offered by Visa that allows for real-time payments to be sent directly to a recipient's eligible Visa debit card or credit card, using the recipient's 16-digit Visa card number. "We are proud to offer this cutting-edge service to our customers in Iraq, and believe this is going to improve responsible financial access in the Iraqi market," said Mr. Kawa Junaid, founder of First Iraqi Bank.

"We are proud to offer this cutting-edge service to our customers in Iraq, and believe this is going to improve responsible financial access in the Iraqi market," said Mr. Kawa Junaid, founder of First Iraqi Bank.

By combining best in class financial and technological innovation with Visa's unparalleled international global infrastructure, First Iraqi Bank is helping support Iraq's greater integration into global markets.

 

First Iraqi Bank (FIB) prides itself on its top-tier anti-money laundering and countering the financing of terrorism (AML/CFT) technologies, processes, and staff. First Iraqi Bank strives to ensure that its efforts are unparalleled in the market. "We are committed to the highest standards of AML/CFT and sanctions compliance. We have integrated these efforts into everything that we do to leverage cutting-edge compliance solutions including real-time transaction monitoring, digital identity validation and address pairing, and transaction and deposit limits," said Mr. Junaid.

 

Mario Makary, Levant Cluster Manager, Visa added: "Visa is excited to roll out a best-in-class international money movement solution in the Iraqi market. With Visa Direct cross border capabilities, First Iraqi Bank customers will be able to access, move and use their money and connect with over three billion cards globally, without compromising on accessibility and security. We strongly believe that this collaboration will create better user experiences by making it easier for FIB customers to access, move and use their money within a secure digital banking platform."

 

Benefits of the Visa Direct fund transfer service include speed of settlement, convenience in banking from your phone, security and trustworthiness of the Visa Direct global system, global availability of the Visa Direct system, and lower costs for everyday person-to-person fund transfers.

 

 

 

 

SOURCE First Iraqi Bank

[6ly410]

First Iraqi Bank launches Visa Direct for Iraqi customers

• IraqiNews
•  August 19, 2023
•  663
• First Iraqi Bank launches Visa Direct for Iraqi customers - Iraqi News

Photo: Visa Direct

Baghdad (IraqiNews.com) – In collaboration with Visa, a leader in digital payments, First Iraqi Bank (FIB) introduced Visa Direct to the Iraqi market.

According to a statement from FIB, Visa Direct is a real-time point-to-point payment service that will provide Iraqi consumers with real-time transfers for the first time.

“We are proud to offer this cutting-edge service to our customers in Iraq, and believe this is going to improve responsible financial access in the Iraqi market,” said Kawa Junaid, Founder of First Iraqi Bank.

With the help of Visa Direct’s cross-border capabilities, First Iraqi Bank’s clients will be empowered to link to more than three billion cards worldwide without sacrificing protection or easy access. “Visa is excited to roll out a best-in-class international money movement solution in the Iraqi market,” said Mario Makary, Levant Cluster Manager at Visa.

“We strongly believe that this collaboration will create better user experiences by making it easier for FIB customers to access, move and use their money within a secure digital banking platform,” added Makary.

[3n1]

when iraq launches actual credit cards then they are getting credit worthiness imo , this is simply just another debit card only works when funds are available at the bank that is tied to it ... thanks 6ly410  we wait 

[yota691]

Visa Company to Al-Iqtisad News: We have licensed more than 20 entities to export Visa cards inside Iraq

 

Dialogues
   

Economy News - Baghdad
Director General of Visa for the Arab Levant, Mario Macari, revealed that more than 20 entities have been licensed to issue Visa cards by banks and electronic payment companies in order to meet the needs of the market.

Al-Makari said in his speech to “Al-Iqtisad News” that the Iraqi market is one of the very promising markets, and we at Visa consider it one of the important markets for us, and we are working with all institutions, such as the Central Bank, the government, and banks, to build a very strong, safe and fast electronic payment network, including Benefit to the national economy. 

He stressed that electronic payment in Iraq is growing annually, especially since 20% of the Iraqi people have bank accounts and benefit from the services. Visa has granted a license to more than 20 banks and electronic payment companies, and we have partnerships with banks and companies licensed by the Central Bank in order to develop payment. Electronic in Iraq. 

Al-Makari praised the government's steps in activating electronic payment tools within government institutions and Iraqi society, but they require a period of time for their spread, especially since Iraq is witnessing a growth in the number of cards and merchants' use of electronic payment devices. 

He added that electronic payment greatly serves the merchant, avoiding the risks of counterfeiting currency, theft, transferring money, and increasing sales. He can also measure the volume of his business through the revenues generated through electronic payment, indicating that trust between the citizen and the banking sector is increasing day after day. 

Al-Makari pointed out that Visa has close cooperation with the Iraqi government, and we have successive meetings with the Prime Minister’s Office, to activate electronic payment, and electronic payment eliminates money laundering operations, because it knows its sources. 

He stated that the citizen does not bear any cost in using electronic payment tools, but rather it is a small cost to the merchant, in exchange for the services he obtains, through technical support, and it is small compared to the quality of the services. 

He noted that Visa has many partnerships with some companies, such as the Miswak application, as its sales through electronic payment were 1%, and when we worked on the partnership, it increased to 11%, of which 10% was Visa’s share, and this is a very large growth, so we are looking forward to making partnerships. With local and international merchants within the Iraqi market, we are currently working on partnerships with the Careem, Twitters and Meta applications. 

He continued that Iraq is witnessing the spread of electronic payment tools through electronic wallets, and most cards are prepaid, but we are witnessing an increase in cards linked to a bank account, indicating that Visa has launched more than 50 products within the Iraqi market. 

Al-Makari concluded his speech by saying that Visa is currently working on developing the electronic payment network within the Iraqi market through the use of QR and making the mobile phone a payment and collection point at the same time, and this is considered an optimal investment in technology.

 

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Added 09/12/2023 - 1:57 PM