10/05/2011Iraq plans to support the activities of retail banking
Baghdad, Officials said on Monday that Iraq is planning to introduce a centralized payment system will cost 15-20 million dollars within a year as part of his quest to take advantage of mobile phone and the Internet to support transactions in the retail banking activities.
The project will provide - which was based on an agreement between the CBI and the U.S. Agency for International Development - for individuals and businesses send and receive payments between banks and internationally online through a single port.
He Shabibi Iraqi Central Bank Governor of the project is very important and said it increases energy retail banking activities and therefore, Iraq is cooperating fully with him, adding that he expected the introduction of the system on the Internet next year.
The new system will allow customers access to the banks to use the mobile phone, Internet, Iraq hoped to help in the revitalization of retail banking, which suffer from the current relative weakness.
The banking sector is dominated by two banks owned by the Iraqi state are Mesopotamia and the good.
Most Iraqis are confident in these banks because of their knowledge of them since a long time compared with private banks, which are usually reluctant to lend in the absence of an effective judicial system can be separated in disputes.
Said Carl Rosnquest of Monetks company specialized in banking technology, which is engaged in the implementation of the project that is expected to cost about $ 15 to $ 20 million and is expected to be completed within 12 months.
But he added that the success of the project depends on passage of legislation required for Iraq to allow local banks to link their banking systems connected to a central payments .
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