CBI: July, Start of electronic clearing system amongst Iraqi banks; Encourages all banks to do same
June 14, 2011
Next July ..The introduction of electronic clearing system in banks
Baghdad and Wafaa Amer said that the Central Bank of Iraq next July, will see the start of the introduction of electronic clearing system in the dealings of the banks, while working on establishing a National Council of payments to regulate the introduction of information technology in all joints work.
The chancellor said the Central Bank of the appearance of Mohammed Saleh in a statement singled out the “morning”: that the plans and policies developed by the Central Bank of the next five years include the achievement is optimized for the national payments system, which includes the development of operations and uses of the smart card, which is still limited so far, and served only retirees class basis, as well as it includes the introduction of electronic clearing system, which means the electronic exchange of the instruments which will be implemented next July, the first phase.
He called on all private banks and government to introduce the system in its dealings banking Progressively, warned banks that do not comply so they will remain isolated from the information technology, since this system the ability of the settlement of electronic instruments and reduce cash handling, which is not consistent with the requirements stage, as will contribute to the to take its natural role of modern technologies in banking.
He Saleh said the central bank did not issue a decision requiring banks to introduce this system to according to a specific timeframe, adding that some banks have the desire but lack the material and human resources, especially in the processing software which makes use of improved focus the ability of banks and procedures, stressing that the the central bank system will go into service next July, according to estimates by the end of the year, it would be difficult for banks not to deal with the clearing system for electronic instruments.
Saleh revealed that the bank in connection with the establishment of the National Payments Council to regulate the application of the system and the introduction of electronic systems in banking from all sides, stressing that the bank and in coordination with the World Bank and the Ministry of Communications so far managed to create 50 percent of the payments system.
June 14, 2011
Next July ..The introduction of electronic clearing system in banks
Baghdad and Wafaa Amer said that the Central Bank of Iraq next July, will see the start of the introduction of electronic clearing system in the dealings of the banks, while working on establishing a National Council of payments to regulate the introduction of information technology in all joints work.
The chancellor said the Central Bank of the appearance of Mohammed Saleh in a statement singled out the “morning”: that the plans and policies developed by the Central Bank of the next five years include the achievement is optimized for the national payments system, which includes the development of operations and uses of the smart card, which is still limited so far, and served only retirees class basis, as well as it includes the introduction of electronic clearing system, which means the electronic exchange of the instruments which will be implemented next July, the first phase.
He called on all private banks and government to introduce the system in its dealings banking Progressively, warned banks that do not comply so they will remain isolated from the information technology, since this system the ability of the settlement of electronic instruments and reduce cash handling, which is not consistent with the requirements stage, as will contribute to the to take its natural role of modern technologies in banking.
He Saleh said the central bank did not issue a decision requiring banks to introduce this system to according to a specific timeframe, adding that some banks have the desire but lack the material and human resources, especially in the processing software which makes use of improved focus the ability of banks and procedures, stressing that the the central bank system will go into service next July, according to estimates by the end of the year, it would be difficult for banks not to deal with the clearing system for electronic instruments.
Saleh revealed that the bank in connection with the establishment of the National Payments Council to regulate the application of the system and the introduction of electronic systems in banking from all sides, stressing that the bank and in coordination with the World Bank and the Ministry of Communications so far managed to create 50 percent of the payments system.