CENTRAL BANKS IN THE ARAB MAGHREB COUNTRIES AND THE ARAB MONETARY FUND ORGANIZE A WORKSHOP TO PLACE BANKS OPERATING IN THE MAGHREB ON THE "BENI" PLATFORM FOR ARAB PAYMENTS

by **claud39** on Wed Jun 17, 2020 11:04 am

CENTRAL BANKS IN THE ARAB MAGHREB COUNTRIES AND THE ARAB MONETARY FUND ORGANIZE A WORKSHOP TO PLACE BANKS OPERATING IN THE MAGHREB ON THE "BENI" PLATFORM FOR ARAB PAYMENTS

2020-06-16

The wide participation of commercial banks reflects the growing interest in participating in the platform

Opportunities for Arab Maghreb banks to provide payment services linking Arab countries to the African continent

After announcing the launch of the "Beni" platform for Arab payments of the Regional Institution for Clearing and Settlement of Arab Payments owned by the Arab Monetary Fund, the Fund continues its efforts in following up the process of attaching central and commercial banks to the platform. In this context, the Arab Monetary Fund, in cooperation with the Central Bank of Tunisia, the Bank of Algeria, the Bank of Morocco and the Mauritanian Central Bank, is organizing today, Tuesday, June 16, a workshop to place banks operating in the Arab Maghreb countries on the platform, in which senior officials from all banks will participate. Operating in the four countries.

The workshop discusses the process of attaching banks operating in the Arab Maghreb countries to the "structures" platform and the proposed work plan, and addresses the technical requirements and steps required to ensure their easy connection to the platform. It also includes an offer made by the Central Bank of Tunisia on behalf of the central banks of the Arab Maghreb, in which it reviews the most important features of the platform in developing payment services in the region and the services it provides to banks in enhancing its role in supporting investments, inter-trade and economic ties with the commercial partners of the Maghreb. The workshop will address the opportunities offered by the "Beni" platform for banks in the Arab Maghreb countries in providing payment services linking the Arab countries to the African continent.

It should be noted that this workshop comes after holding more than ten workshops at the level of the Arab region punctuated by a wide participation of commercial banks operating in the Arab Maghreb countries that have shown a growing interest in participation within the group of the first users on the platform. It is also considered the fourth in a series of workshops dedicated to the placement of banks in every Arab country.

It is worth noting that 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, for clearing and settling inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries. The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments across the Arab region and beyond in a safe and reliable manner at an appropriate cost and high effectiveness. The Bani platform provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, in the forefront of which are the standards and procedures for compliance aspects.

His Excellency the Director General of the Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abd al-Rahman bin Abdullah Al-Hamidi, expressed his gratitude to the Excellencies and Governors of the central banks in the four countries for their continuous support for the Arab Clearing Project and the cooperation of their colleagues in preparing for the workshop and accelerating the attachment of banks in the Arab Maghreb countries to the platform. He built "for payments, looking forward to completing the procedures for including all the Maghreb currencies on the platform, as well as completing the procedures for including the rest of the announced Arab currencies."

https://www.amf.org.ae/ar/content/%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A%D8%A9-%D9%81%D9%8A-%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%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%D9%88%D9%86-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D9%84%D8%A5%D9%84%D8%AD%D8%A7%D9%82-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83