A new project to provide electronic payment services to local banks


A new project to provide electronic payment services to local banks

 The range / Zahraa al-Jassim 

The financial technology is constantly evolving all over the world. Iraq, like any country, needs this technology through companies that provide electronic services to develop the work of banks in accounting, remittances and payment systems in the sense of transfers between banks and others, but its existence is healthy if it will contribute with the assistance of banks Iraq to keep abreast of the technical development, according to an economist, while confirming the company portal of Iraq Electronic Financial Services, it is certified according to international standards and instructions of the Central Bank of Iraq, and sets the best global financial practices between De Iraqi citizen to facilitate his life and work for the benefit of financial institutions and bodies of the national economy.

As the Deputy Managing Director of the company, Ali Al-Saeed, states in an exclusive interview with Al-Mada, his company provides all electronic payment services to its customers from Iraqi banks, where banks are able to issue and manage electronic payment programs to their customers effectively and in the shortest time. Issued by the Central Bank of Iraq and international card companies. Which is an Iraqi company registered in Iraq and licensed by the Central Bank of Iraq, in accordance with the laws and instructions adopted in Iraq and based on the highest international standards and consult the major international companies specialized in this area and confirms Said: The company aims to become the leading platform in the field of electronic payment and the main engine in raising the level of financial coverage in Iraq and transform the Iraqi economy into a less cash-dependent economy in line with the strategic vision of the Central Bank and eGovernment ambitions, through the development of financial infrastructure and payment services So that the company can provide electronic payment services and advanced financial services to all segments of Iraqi society. The company has contracted with specialized companies in the fields of electronic payment and technology, systems, knowledge and consulting, and adds Saeed: The most important customers of the company are banks, and it communicates with all banks and banks operating in Iraq, and we are working according to a plan to provide services and offer to all banks And financial institutions, and our solutions and services enable banks and banks to provide high-quality services to their clients, traders and citizens. He confirms: The feasibility studies of the company, which was prepared by the company “Ernst and Young” to develop the global Iraqi market and define the model and work plan, it shows that Iraq is in dire need of such services, in order to transform its economy into a less cash-dependent economy, which is in line with the vision The strategy of the Central Bank, in addition to the discussions and meetings with the International Finance Corporation IFC, in order to provide technical and strategic advice to the company, so the services of the Gate of Iraq will contribute positively to the development of electronic financial services infrastructure, and will have a significant impact in the development of Qata Banking systems and filtering and collection of payment.

“Since the establishment, we have been working to attract local and international specialists in the field of electronic payment so that the company can put international best practices in the hands of the Iraqi citizen and facilitate his life. The number of our employees reached 60 today, The data in Baghdad under the contract with the Swedish company Eriscon, and one of the most modern data centers in Iraq and the most advanced, where will provide confidentiality and assurance of information under the supervision of the competent authorities, and the company contracted with companies specializing in technology and payment systems such as trap S2M and my company HP and CISCO, have invested nearly five million dollars so far in technology systems.
“As a result of these professional preparations, the company has obtained a license from MasterCard International to issue and accept MasterCard cards and services. We are in the process of completing the procedures for obtaining a similar license from Visa International soon, to be the first company in Iraq to offer a package Integrated with electronic payment solutions and services that will benefit the citizen, the national economy and the institutions and bodies concerned, especially as we now offer electronic shopping cards “Switch” in different categories, and also launched tickets, where the company began to deploy POS devices and works on Signing a set of memorandums of understanding with Iraqi banks and financial institutions to provide their services to them.
For his part, says expert in economic affairs d. “There are many companies in the financial sector in the world, including the provision of electronic services and other technical services to develop the work of banks in accounting and remittances, and there are companies that provide services in the payment systems in the sense of transfers between banks and destinations Others, so these companies are not a bank as some believe, but at the same time we can not prevent people from evaluating the work of these companies, because in the end we see that the experience is who will reveal the merit of this type of companies.
He adds that Iraq as any country must gradually develop the providers of services to the financial sector, and the presence of such companies is healthy if it helps to help Iraqi banks to keep abreast of technological development, and even if we assume that this company failed to come others, so We are in principle with the presence of companies that provide services to help banks to develop technical either in the area of ​​payments or to intensify electronics in the performance of banking services, and the application of electronic mechanization, which is available everywhere, so that there is a project called the former electronic government, which means automation Erosion Transactions of the citizens.



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