Central Bank of Iraq Announces the Use of Payment Systems for the Settlement of Financial Transactions
|July 13, 2014||Filled under Central Bank of Iraq|
Central Bank of Iraq News -
Iraqi Central Bank on Saturday, starting with the financial systems of payments in settlement of accounts and bank transfers between accredited institutions and individuals.
The bank governor said Abdul Basit Turki for “Tomorrow’s Press,” that “the Bank begin using the systems financial payments in settlement of accounts and bank transfers approved between institutions and individuals, because it allows safer and speed replay in financial transactions and to facilitate whatever the mechanics of savings financial.”
Turki added that “the Ministry of Finance also adopted this system in obtaining the financial dues of institutions and individuals in a move aimed at dissemination of these systems to include all financial transactions.”
He said Turkish that “the adoption of the payment systems eliminate the need to bring instruments and cashed or carry large sums of money and endangerment,” noting that “the central bank will manage and operate the accounts of the settlement between the participants to ensure the safety and efficiency of payment systems and clearing bank.”
The Central Bank of Iraq announced, earlier, wished to adopt the methods of mechanization and reduce financial trading manual, which costs time and considerable effort in Iraqi banks, government and private.
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