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Arab criticism launches the “browns” platform for financial settlements

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Arab criticism launches the “browns” platform for financial settlements

Economy News _ Baghdad

The Arab Monetary Fund launched the "Beni" platform for payments, which culminates in efforts made in the past period in cooperation with central and commercial banks and global and regional financial institutions.

The Director General of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, stressed the importance of the strategic platform in encouraging and developing activities and financial, investment and commercial inter-Arab exchanges and linking with the main trading partners of the Arab countries.

He expressed his hope that the platform will contribute to "the service of financial integration and help in providing an encouraging environment for the development of financial and banking services and products."

The "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, for clearing and settling inter-Arab financial transactions, and financial transactions between Arab countries.

In the past period, the fund announced the inclusion of both the dollar and the euro, as well as the Bahraini and Jordanian dinars and the Emirati dirham as settlement currencies used on the platform.

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments across the Arab region and beyond in a safe and reliable manner at an appropriate cost and high effectiveness.

The platform provides the participants with modern payment solutions that are in line with international standards, principles and international compliance requirements, and the launch of the platform constitutes an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It should be noted that the launch of the "Beni" platform, which constitutes an important development in the Arab financial markets, coincides with the start of the process of enrolling the first participants in it from the leading commercial banks that have been cooperated with it to be one of the pioneers of the platform users, so that the first payment process between the Arab banks is settled in the coming days.

Al-Humaidi also praised the efforts of the central bankers and Arab monetary institutions, the Fund’s Board of Governors and its Board of Directors for their support for the Fund’s efforts to establish the platform, noting the great facilities provided by the authorities in the United Arab Emirates, the country of the headquarters of the Arab Monetary Fund, in this regard.

He also thanked the group of coordinators from the central banks and Arab monetary institutions and the group of experts from the international financial institutions for their continuous cooperation during the implementation phase.

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