The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month.
Al-Handal told the Iraqi News Agency (INA): “The Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee, which will begin its first meetings at the beginning of next June.” .
He added, "We are very optimistic about this committee, which will be concerned with correcting the situation and returning the banking sector as much as possible to what it was, including dealing with correspondent banks and other clear points at the Central Bank of Iraq, including compliance and training of human cadres, including requirements related to money laundering."
He continued, "What was mentioned above is adopted by correspondent banks, in addition to the standards of disclosure and transparency of sources of funds, and these are the ABCs known in banking, and we sense all the seriousness and have great confidence in the direction of the Prime Minister and the Central Bank of Iraq for this," pointing out, "We are working in the banking sector currently." "To open more horizons for working with correspondent banks."
Association of Banks: The joint committee with the American side will begin its work next month
5/29/2024
Baghdad
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed on Wednesday the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month.
Al-Handal said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee that will begin... Its first meeting is at the beginning of next June.
He added, "We are very optimistic about this committee, which will be concerned with correcting the situation and returning the banking sector as much as possible to what it was, including dealing with correspondent banks and other clear points at the Central Bank of Iraq, including compliance and training of human cadres, including requirements related to money laundering."
He continued, "What was mentioned above is adopted by correspondent banks, in addition to the standards of disclosure and transparency of sources of funds, and these are the ABCs known in banking, and we sense all the seriousness and have great confidence in the direction of the Prime Minister and the Central Bank of Iraq for this," pointing out, "We are working in the banking sector currently." "To open more horizons for working with correspondent banks."
So you apparently have 22 states looking to sue the Federal Reserve. You also have the dollar falling in the Iraqi markets. On top of that we have a contract supposedly expiring on June 9th for dollar denominated oil in Saudi Arabia. Or the Petrodollar as you may say.
Many do not know that the only reason why the fiat USD was accepted in the Middle East was because we offered them weapons, military support, protection, in exchange for them using the USD for oil contracts. Henry Kissinger was the one who did this deal.
He played a significant role in negotiating a deal between the United States and Saudi Arabia, known as the Petrodollar. This agreement, made in 1974, had Saudi Arabia and other countries in the Organization of the Petroleum Exporting Countries (OPEC) agrees to sell the majority of their oil only in U.S. dollars.
It is this agreement that helped to tie the global price of oil to the U.S. dollar and cement the dollar's status as a global reserve currency. The agreement provided a significant benefit to the United States, as it meant that countries around the world had to accumulate U.S. dollars to purchase oil, which increased the demand for the dollar and supported its value on global markets.
In exchange, the U.S. provided various forms of military and economic aid to Saudi Arabia and other OPEC nations. Over time, the Petrodollar agreement has had profound implications for the global economy and has contributed to the dominant role of the U.S. dollar in international trade and finance.
Saudi Arabia is one of the world's largest oil producers, and a shift away from the USD could lead to uncertainty in the oil market.
3 Gorges Dam
Oil Contracts
The Trump Trial
The P. Diddy Case
Hunter Biden Trial
The Iraqi 2024 Budget
We have so many things at play. Everything is coming to this collision point. D. Trump (CIC) was right when he said we will have some turbulence over these next 6 months. What's interesting is June 9th is the deadline for Iraq to approve their budget. Jamal Cougar stated that it will ve done before then.
FRANK26: "VERY IMPORTANT TOOL FOR THE MONETARY REFORM".............F26
Visa unveils new digital products
5/29/2024
Today as part of the annual Visa Payments Forum in the Central and Eastern Europe, Middle East and Africa region, Visa unveiled a package of new products and services that drive a radical transformation in card services and meet the future needs of its customers, consumers, merchants and financial institutions throughout the region.
As payment methods have changed over the past five years from what they were previously, these new innovations will provide unique payment experiences to create a qualitative shift in commercial and financial activity, including e-commerce, in-store shopping, and money transfers.
“The dramatic acceleration in the growth of digital payments across the Central and Eastern Europe, Middle East and Africa (CEMEA) region has significantly transformed the way we pay and collect money online and in stores,” said Andrew Torrey, Visa’s Regional President for CEE, Middle East and Africa. “As we continue our mission In shaping the future of commerce, we are pleased to support our customers, partners, consumers and merchants with the next generation of pioneering digital payment experiences and today we unveil new card features and digital innovations that will provide consumers and merchants with more personalized, convenient, secure and comprehensive solutions.”
Visa offers a range of innovative solutions that support digital identity, seamless payment experiences, flexible payments, accepting digital payments for microbusinesses, and protecting the security of account-to-account payments. Additionally, Visa announced the launch of its new payments-as-a-service platform, Visa Pay, which provides world-class mobile experiences for digital payments and intra-remittance transfers across the Central and Eastern Europe and Middle East Africa regions. This platform includes a comprehensive set of payment capabilities, and allows banks to deploy innovative and rapid solutions including digital card issuance requests, payment initiation order management, click-through payment, fraud and risk management, digital wallet platforms, and many more.
The new products and services Visa unveiled today, which will begin rolling out later this year, include:
Flexible Visa credentials
The provision of flexible credentials from Visa will allow customers to switch between different payment methods using a single card, providing greater choice for customers who can now set specific payment criteria or choose one of the payment methods that include debit cards, credit cards, or pay in four instalments. , redeem reward points, or even pay in another currency. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
Accepting payments from micro business owners
With an estimated 120 million formal and informal small and micro business merchants unable to accept digital payments in the CEE region, Visa is developing new ways to enable digital payments using virtual cards and credentials. In this context, the company this year will provide new methods of payment via mobile devices to all merchants, including:
* USSD Push Payments: Allows digital payments via any mobile phone that supports this feature.
* Small Business Owner Acceptance: This allows money to be transferred from consumer to merchant through smartphone devices.
* Mobile tap: Any device can now become a point of sale (POS) by simply tapping a card or digital credential.
Visa Payment Passkey Service
Identifying people in the digital world has become very complex; This has naturally led to a significant increase in fraud, with online payment fraud today being seven times higher than in-person payments.
Based on the latest Fast Verification of Identity Online (FIDO) standards, the Payment Passkey service can confirm a consumer's identity and enable online payment through a quick scan of their biometrics such as their facial features or fingerprint. Visa passkeys replace one-time passwords or codes when shopping online, allowing for more seamless and secure transactions. This service also confirms the consumer's identity without interrupting the payment process, as well as enhancing security levels and reducing friction when paying digitally - through any device or website - globally.
Click to pay
Visa has launched Click to Pay to provide a more seamless and secure payment experience on a broader scale, where consumers only need their email, phone number or Visa payment passkey to complete online payments. Additionally, Visa will collaborate with card issuers in several markets around the world to enable Click to Pay and Visa Payment Passkey services on new Visa cards, reducing manual entry of card details and passwords from the moment you start using the card. The Click to Pay service is available today in the Central and Eastern Europe, Middle East and Africa regions.
Visa Protection for Account-to-Account (A2A) Payments
Visa processes more than 200 billion transactions annually and analyzes 500 data elements in each transaction to detect and stop fraud in real time. By collaborating with real-time payments (RTP) networks around the world and leveraging decades of experience, Visa is working to use artificial intelligence to reduce fraudulent attempts in account-to-account payments across these networks. Visa's P2P protection service has already identified 60% of fraud across real-time payments channels, which financial institutions in the UK and Latin America had not previously detected. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
Visa Pay platform
Visa Pay is a payments-as-a-service platform that allows banks to quickly launch a range of new digital services for consumers and sellers through their mobile banking apps to stay ahead of consumers' digital preferences. This platform enables digital card issuance applications, payment initiation order management, pay-per-click, risk and fraud management, tokenization, digital wallet platforms, and issuer processing through a partner.
This platform allows banks to enhance their applications on mobile phones, as consumers will enjoy world-class user experiences via mobile phone to complete digital payments and financial transfers, as well as enhance security levels and reduce fraud attempts. The Visa Pay platform is scheduled to be launched in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
