The Arab Monetary Fund (AMF) is preparing to launch an international immediate payment service, as part of its cooperation with central and commercial banks around the world.
The new service is the latest part of its “Beni” platform for Arab payments, with several other services set to launch in the coming period.
The AMF held a workshop to review the future vision of the prompt payment service and its business model. The workshop was held to exchange ideas and experiences among the participants. Previous AMF-run workshops have presented innovative ideas for the first time to commercial banks operating in the region.
The international immediate payment service is the first of its kind in the Arab world, which contributes to a qualitative shift in the region’s payment method capabilities, especially regarding individual transfers and retail payments.
The AMF’s workshops with the banks on the immediate payment services come as part of its keenness to affirm the role of banking participants in developing the Beni platform’s strategic vision.
The workshop is the eighth of a series of focused digitally held workshops over a number of weeks, which address several strategic issues, in addition to workshops dedicated to banks in each country.
The Beni platform represents a multi-currency payment platform that provides clearing and settlement services in Arab and international currencies that meet the eligibility requirements. It allows for inter-Arab financial transactions to be cleared and settled, as well as financial transactions between Arab countries and their main trading partners.
The platform aims to enable regional financial and banking institutions, including central and commercial banks, to safely and reliably send and receive inter-payments across the region and outside at an appropriate cost. The platform provides participants with modern payment solutions that comply with international standards, principles and requirements.
It contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.
The platform is available to all banks that meet the criteria and conditions, including standards and procedures for compliance aspects.
AMF Director General and Board Chairperson, Abdel-Rahman bin Abdullah Al-Hamidi, stressed the importance of continued innovation and exchanging ideas about the direction and future of payment and settlement services. This comes as part of their essential role in facilitating financial transactions across borders and increasing their effectiveness and role in promoting integration and financial inclusion in the region and with the world.