CBI: Use of electronic payment system

Posted by on Jul 11, 2014 | Leave a Comment

Central Bank of Iraq, on Thursday, the use of electronic payments system for the settlement of the instruments between governmental institutions and banking.

The bank said in a statement received news agency pratha a copy of it, he was “in order to develop financial and banking sector in Iraq and reducing the phenomenon of pregnancy and the circulation of money, it has been taking a number of measures in the automation of processes settlement instruments and payment orders between governmental institutions and banks electronically through a system of payments Iraqi which uses a network of safe and effective. ”

“The system will allow the operation and management of the accounts of the settlement between the participants from which to ensure the safety and efficiency of payment systems and clearing operations.”

The bank said, “The Ministry of Finance has adopted this system in obtaining dues from various institutions instead of instruments, and that this is a key step in the way of comprehensive mechanization of each financial transactions and means of performing the obligations in Iraq.”

He said the “system was published in the newspaper facts of Iraq No. (4326) of the (23) of the month of June.”

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