The central calls for new controls for the retail payment system
The central calls for new controls for the retail payment system
17/9/2017 12:00 am
Confirmed the possibility of expanding electronic payment activities
Baghdad / Mustafa Hashemi
The Central Bank called on mobile phone companies to adopt the new regulations issued by them to work in accordance with the developments of the work of the retail payment system.
The Central Bank announced the modernization of the rules of participation in the infrastructure of the retail payment system, stressing the need to adopt and work under it, at a time when he stressed the possibility of expanding the work of banks and financial transfer companies and mobile phone companies and the practice of any electronic payment activities in the event they wish to operate electronic payment system of funds No. 2 For the year 2014. The
importance of the work of this system said economic researcher Lubna Al-Shammari: The Bank’s call for banks and companies to work with updates of the new system and infrastructure comes through the pursuit of the development of the system of public payments in Iraq through the adoption of modern technology Which ensures that the service is delivered quickly and qualitatively far from the complexity of routine. Al-Shammari told al-Sabah that the central bank was keen to implement plans aimed at facilitating the transition to a market economy and liberating itself from the totalitarian regime, which has become totally incompatible with the requirements of the current stage.
She pointed out that the Central had earlier announced its readiness to develop banking work through the announcement of the draft national division and invite foreign companies for the purpose of contracting with them and agree on its implementation. The academic economist d. Majid al-Baydani said earlier that “the work of advanced banking systems with the participation of mobile phone companies will allow citizens to transfer funds from their assets to any bank or branch or someone else, which saves time and cost and efforts as well as reduce the security risks of trading cash in large amounts When conducting business transactions.
The Central Bank called about two years ago, wishing to banks and companies that have licenses to expand the work of banks and financial transfer companies and mobile phone companies and the practice of any electronic payment activities in the event they want to operate the system of electronic payment services, stressing that they must submit formal requests to practice these Service is a requirement to comply with the requirements of the system and provide all documents. As for the companies that do not have a license from the bank and want to work as an electronic payment service provider, a source at the bank stated at the time that a license must be obtained from the General Directorate of Banking and Credit Control of the Central Bank and comply with the requirements besides the importance of the capital of the service provider payment of 10 billion dinars, 3 years after the issuance of instructions.
He pointed out that the fee of granting the license is 5 million dinars paid one time when granting the license, as well as providing a letter of guarantee of 15 percent of the capital is renewed annually, adjusted the ratio in light of the company’s budget issued after the end of the fiscal year. The source added that the applicant must pay the fees to study the application to participate in the retail payment project and the national division and the two million and 500 thousand dinars are not refundable.
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