Central Bank: Progress payments system leaders to control the flow of funds

The central bank confirmed Thursday that the progress of the Iraqi payment system during the last period has led to a large control over the flow of funds inside Iraq and the provision of a comprehensive and accurate database of all remittances within the financial and banking sector through a number of measures and precautions implemented. Including the modernization of the payments system in all its components according to international standards.

The bank said in a statement received by "Economy News" that "this modernization was aimed at absorbing the increasing volume of transactions carried out through this system to be easily compatible with the various banking systems. One of the most important systems operating in the Central Bank is the RTGS, In 2006 and the C-ACH Clearinghouse System implemented in 2011, which provides a comprehensive database of all transfers for the settlement of electronic instruments and inter-bank payment orders. "

He added that the central bank issued a set of instructions and precautions for banks to reduce the risk of exchange of sukuk through the system. He pointed out that the central bank directed to the establishment of the National Payments Council of Iraq, which includes members from within and outside the central bank, which contributes to the development of strategies to develop payment and settlement systems Follow up their implementation, and promote international best practice.

"The Bank has implemented a number of measures, including the implementation of IBAN, which aims to unify the bank account numbers of all banks operating in Iraq, which allows banks to verify the validity of the transferred account number. Iraq has 23 ranks, and has been included in the list of countries that deal with the international number, which does not accept domestic or foreign transfers only within the criteria of the international number.

He pointed out that "in terms of the precautionary measures taken to govern the transfer of funds, especially with regard to electronic instruments, which are transmitted through the system of electronic clearing and high amounts have been standardized security specifications of electronic instruments drawn on banks for the purpose of preventing fraud," as well as adding new functions of the system for the purpose of Enabling banks and their branches to control the process of sending and receiving instruments and preventing the passing of forged or stolen instruments by adding the function of ratification of the instrument by the branch withdrawn for the government banks to be settled on time, It enables the bank to stop any instrument and its location in case of theft or fraud.
He explained that "the bank implemented the system of internal clearing between the branches of the same bank, which enables government banks that do not have a comprehensive banking system from the completion of all transfers of branches and provide a comprehensive database to conduct the process of matching efficiently between public administrations and branches.

The statement continued, "One of the important projects that the Central Bank has implemented is the retail payment system infrastructure, which consists of the national division that supports inter-bank clearing for transfers made by customers and transactions through the use of ATM machines and points of sale through cards Which is linked to the bank account, and the system of mutual payment by mobile phone, where funds will be transferred through e-wallets without the need for a bank account, and can also make transfers for payment of bills and shopping.

Recently, the project of settling the salaries of state employees, based on the decisions of the General Secretariat of the Council of Ministers No. 313 and 281, the transfer of the system of payment of salaries to employees, including allocations and benefits to an electronic payment system. By opening bank accounts for employees in banks (government and private and branches of foreign banks) and issuing city cards linked to the account to withdraw the salary through ATMs or through the process of buying from points of sale at the lowest possible cost, as well as benefit from other banking services (such as loans, Online purchases, savings accounts, etc.). As this project contributed to the provision of liquidity within the banking sector and the optimum use of financial and banking services inside and outside Iraq.

Article Credit: https://economy-news.net/content.php?id=11846
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