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THE ARAB MONETARY FUND ORGANIZES THE 19TH REGULAR MEETING OF THE ARAB COMMITTEE FOR PAYMENT AND SETTLEMENT SYSTEMS Empty THE ARAB MONETARY FUND ORGANIZES THE 19TH REGULAR MEETING OF THE ARAB COMMITTEE FOR PAYMENT AND SETTLEMENT SYSTEMS

Post by claud39 on Thu Oct 03, 2019 8:46 am

THE ARAB MONETARY FUND ORGANIZES THE 19TH REGULAR MEETING OF THE ARAB COMMITTEE FOR PAYMENT AND SETTLEMENT SYSTEMS
2019-10-03





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The Committee discusses

Mechanisms to strengthen supervision and control of payment and settlement systems

Ways to benefit from the applications of modern financial technologies in the development of payment services

Requirements for the development of mechanisms for instant payments and e-cards

And recent trends in aggregate payment systems

2 - 3 October 2019 , Abu Dhabi - United Arab Emirates

 



The 19th regular meeting of the Arab Committee for Payment and Settlement Systems (ACS) was opened on Wednesday, 2 October 2019, at the Intercontinental Hotel in Abu Dhabi. Directors of the payment and settlement systems and the financial infrastructure of central banks and Arab monetary institutions will participate in the committee. The meeting will also be attended by representatives of the General Secretariat of the Gulf Cooperation Council and a number of global central banks and regional and international institutions, including the World Bank Group, the Bank for International Settlements, the International Commission on Payment Systems and Infrastructure, the Islamic Development Bank Group, the African Development Bank and the International Finance Corporation. , The Global Alliance for Financial Inclusion, the European Central Bank, the Bank of France, the Central Bank of Russia, the Federal Bank of Germany, the Bill & Melinda Gates Foundation, the Euroclear Foundation, German Development Association "Swift".




The Committee, which is holding a two-day meeting, will discuss a number of topics, the most important of which are: Developments in the function of supervision and control of payment and settlement systems, risk management of electronic cards, new trends in total payment systems, mechanisms for accepting instant electronic payments, and mechanisms of supervision and risk management related to e-cards. , The use of modern technologies to enhance the efficiency of payment and settlement systems, new developments in the techniques of "blockchain" and the use of cryptocurrencies of central banks and their implications for payment and settlement systems.




Discussions will also cover small cross-border transfers, cloud computing applications in payment and settlement systems, as well as mechanisms to activate, regulate and oversee open banking services.




On the other hand, the Committee reviews the latest developments in the implementation of the Arab Clearing Project. Participants will also be briefed on the work of the Group of Modern Financial Technologies in the Arab States and progress on the implementation of its work program. The Committee will also hear a presentation from the International Payment Systems and Financial Infrastructure Commission (ICFS) on the strategy for improving the security of payment systems. Finally, the committee will discuss the views of Arab countries on issues and developments at the international level in terms of payment and settlement systems and coordination.




It is worth mentioning that the committee aims to contribute to the development of payment and settlement systems in the Arab countries and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between the central banks and Arab monetary institutions. Secretariat of the Committee. Its tasks in this regard are based on preparing the agenda, contributing to the studies and reports prepared by the Committee and following up its recommendations.









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https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D9%86%D8%B8%D9%85-%D8%A7%D9%84%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D8%A7%D9%84%D8%AF%D9%88%D8%B1%D9%8A-%D8%A7%D9%84%D8%AA%D8%A7%D8%B3%D8%B9-%D8%B9%D8%B4%D8%B1-%D9%84%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%84%D9%86%D8%B8%D9%85-%D8%A7%D9%84%D8%AF%D9%81%D8%B9-%D9%88%D8%A7%D9%84%D8%AA%D8%B3%D9%88%D9%8A%D8%A9
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THE ARAB MONETARY FUND ORGANIZES THE 19TH REGULAR MEETING OF THE ARAB COMMITTEE FOR PAYMENT AND SETTLEMENT SYSTEMS Empty THE ARAB MONETARY FUND (AMF) LAUNCHES THE PRE-OPERATIONAL PHASE FOR THE CREATION OF "ARAB CLEARING", A REGIONAL ENTITY FOR COMPENSATION AND SETTLEMENT OF INTRA-ARAB PAYMENTS SIGNING OF A CONSULTING SERVICES CONTRACT

Post by claud39 on Thu Oct 03, 2019 8:49 am

THE ARAB MONETARY FUND (AMF) LAUNCHES THE PRE-OPERATIONAL PHASE FOR THE CREATION OF "ARAB CLEARING", A REGIONAL ENTITY FOR COMPENSATION AND SETTLEMENT OF INTRA-ARAB PAYMENTS SIGNING OF A CONSULTING SERVICES CONTRACT




27-08-2018


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The Arab Monetary Fund (AMF) announced today the launch of the pre-operational phase for the creation of "Arab Clearing", a Regional Entity for Compensation and Settlement of Intra-Arab Payments, approved by the Board of Governors of the FMA, following the decision of the Board of Governors of Central Banks and Arab Monetary Authorities, calling for the creation of an independent entity, owned by the AMF, to settle cross-border payments between Arab countries. On this occasion, a consulting services contract was signed with Booz Allen Hamilton, for which the company will provide technical support to the FMA to meet the requirements of the project implementation process and ensure the system is launched as soon as possible. .


The System of Compensation and Settlement of Intra-Arab Payments aims at strengthening the use of the Arab currencies in the settlement of intra-Arab payments, but also the use of the main international settlement currencies, thus reducing the time and cost of clearing Arab financial transactions and strengthening investment and intra-regional trade. The system also seeks to establish links with the payment systems of the major trading partners of Arab countries. In addition, it will strive to develop low-value clearing and settlement services, which will help support financial inclusion in the region and will also provide clearing and settlement services for transactions in the region. securities.


It should be noted that the FMA will cooperate in the pre-operational phase of the project with the central banks and the Arab Monetary Authorities as well as with the main international financial institutions such as the International Monetary Fund (IMF), the World Bank and the Bank. International Regulations (BIS). In addition, the FMA will also cooperate in this process with market players, such as banks, financial institutions and bureaux de change, as well as with certain strategic partners. In this context, the FMA will work closely with the central banks of the main trading partners of the Arab countries.


On this occasion, HE Dr. Abdulrahman Al-Hamidy, Managing Director Chairman of the Board of Directors of the Arab Monetary Fund, declared that the contract with Booz Allen Hamilton (BAH) is a continuation of the design phase of the system. or the company has accompanied the FMA throughout this process. He expressed his confidence in the company's ability to provide the required expertise and emphasized his desire to build a strategic partnership with all stakeholders in the Arab world and around the world, to achieve the pre-operational phase of the project. project and make the system operational to meet the needs of the market, while providing innovative products and services with operational efficiency and controlled risks.


HE Dr. Abdulrahman Al-Hamidy also highlighted the continued and valuable support provided to the project by the Board of Governors of Central Banks and Arab Monetary Authorities as well as by the UAE Authorities and their willingness to provide all the help and contributions needed to successfully implement "Arab Clearing" and its operations.


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