Iraq participates in the Buna platform for inter-Arab payments

by **RamblerNash** Mon Jan 04, 2021 9:48 am

01/04/2021

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, where 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.

https://economy-news.net/content.php?id=23453

by **claud39** Mon Jan 04, 2021 7:03 pm

THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN

by claud39 on Tue Dec 29, 2020 11:25 pm

THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN THE PLATFORM.

2020-07-13

With the announcement of the launch of the "Bani" platform for Arab payments of the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Arab Monetary Fund, the fund continues its efforts in following up the process of joining central and commercial banks on the platform. In this context, a fund, in cooperation with the Central Bank of Iraq, is organizing today, Monday, July 13, a workshop to enroll banks operating in the Republic of Iraq on the platform, in which senior officials from all banks operating in Iraq will participate.

The workshop discusses the process of joining banks operating in the Republic of Iraq on the "Bani" platform and the proposed business plan, and addresses the technical requirements and steps required to ensure that they are easily linked to the platform. It also includes a presentation by the Central Bank of Iraq, 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 their role in supporting investments, intra-trade and economic ties with the trading partners of Iraq.

It should be noted that this workshop comes after more than thirteen workshops were held at the level of the Arab region, during which there was wide participation from commercial banks operating in the Republic of Iraq, which showed a growing interest in participating in the group of first users of the platform. This workshop is also the eighth in a series of workshops dedicated to joining banks in every Arab country.

It should be noted that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies 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 commercial 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 Bani platform offers participants 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, foremost among which are the standards and procedures for aspects of compliance.

His Excellency the Director General, Chairman of the Board of Directors of the Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, expressed his gratitude for the continuous support of His Excellency the Governor of the Central Bank of Iraq for the Arab clearing project and his colleagues' cooperation in preparing the workshop and speeding up the attachment of banks in Iraq to the "Bani" payment platform. He also praised the great enthusiasm shown by Iraqi banks to participate in the platform.

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https://www.dinardaily.net/t97427-the-arab-monetary-fund-announces-the-full-operation-of-the-buna-platform-for-arab-payments

by **claud39** Fri Jan 15, 2021 1:55 pm

Bunna payments platform

Jan 10, 2021

[size=18]Central Bank of Iraq

Central Bank of Iraq

2.11k subscribers[/size]

The Central Bank of Iraq participates in the Bunaa Arab Payments platform, with the aim of working to expand the scope of electronic payments