The Central Bank of Iraq announces the launch of the Bunna Inter-Arab Payments platform, with the aim of expanding the scope of electronic payments For those who ask about the work of this platform, in short, it is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies. The first movement has been implemented through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham. It is worth noting that the Central Bank of Iraq and a number of local banks, including (the International Islamic Bank) have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage. He continued the statement issued by the Central Bank of Iraq The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce recourse to international centers from correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers.
Advantages:
1- Reduced transfer costs
2- Transfer in Arab and international currencies
3- Reducing the time of completing the transfer with immediate and immediate settlement
4-Centralized platform, low risk, secure and compliant with international standards
Visit our branches for the requirements of this service.
For more details, you can visit one of our branches and talk to the concerned employee or call the number 6070 (for international +9646070)
or by mail (marketing.support@imtb.iq)