Iraq Economic News and Points To Ponder Late Wednesday Evening 5-29-24


Iraq Economic News and Points To Ponder Late Wednesday Evening 5-29-24

The Central Bank Concludes A Symposium On Compliance And Anti-Money Laundering

 May 29, 2024   The Central Bank of Iraq, Kurdistan Region Branch, concluded an educational seminar targeting workers in mediation companies for buying and selling foreign currencies within the geographical area of ​​the branch.

 The organizers of the symposium   presented the concepts of controls and instructions regulating the work of exchange and brokerage companies in the sale and purchase of foreign currencies, amended No. (1) of the year 2022, and

     introduced the law on combating this phenomenon, No. (39) of 2015, as well as

     explaining the concepts and mechanisms for the success of the project of merging brokerage companies in the sale and purchase of currencies.

Foreign companies to form exchange companies under categories (A and B) and provide modern banking services and expand them for the purposes of combating money laundering and terrorist financing in accordance with international requirements and standards.

This symposium comes within a series of specialized seminars and workshops organized by the Central Bank, focusing on combating the crime of money laundering and terrorist financing and regulatory requirements in accordance with compliance controls.   Central Bank of Iraq      information Office      May 29, 2024     

Association Of Banks: The Joint Committee With The American Side Will Begin Its Work Next Month

President of the Iraqi Private Banks Association, Wadih Al-Handal   Economy News – 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.”

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Oil Prices Rise To More Than $84 Per Barrel

Economy | 09:28 – 05/29/2024  Oil prices rose during early trading on Wednesday, thanks to expectations that the main producers will continue production cuts at the OPEC+ alliance meeting scheduled for Sunday, as well as expectations of an increase in fuel consumption with the start of the peak demand season in the summer.

Brent crude futures for July delivery increased by 27 cents, or 0.3 percent, to $84.49 per barrel by 0042 GMT. US West Texas Intermediate crude futures for July rose 35 cents, or 0.4 percent, to $80.18.

Traders and analysts expect the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to maintain voluntary production cuts, which total about 2.2 million barrels per day.

Visa Reinvents Cards And Unveils New Digital Products

 Launch of Visa Pay, a payments platform that delivers world-class digital mobile payments experiences

 May 29, 2024 Last updated: May 29, 2024

 Independent/- Today, within the framework of the activities of the annual Visa Payments Forum in the Central and Eastern Europe, the Middle East and Africa region,

 Visa revealed a package of new products and services that herald 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.

 On this occasion, Visa’s Regional President for Central and Eastern Europe, the Middle East and Africa, Andrew Torrey, said:

“The significant acceleration in the growth of digital payments across the Central and Eastern Europe, Middle East and Africa region has led to a major shift in the ways we pay and collect money online and in stores.

 As we continue our mission to shape the future of commerce, we are excited to support our customers, partners, consumers and merchants with the next generation of pioneering digital payment experiences.

Today, we are unveiling 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 – worldwide.

 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.تعيد-ابتكار-البطاقات-وتكشف-عن-منتجات/     

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Provoking Thoughts and Points To Ponder on Character:

Always do right. This will gratify some people, and astonish the rest.  – Mark Twain

He’s an honest man – you could shoot craps with him over the telephone.  – Earl Wilson

The man whose conscience never troubles him must have it pretty well trained.  – Anonymous

Too often when conscience tries to speak, the line seems to be busy.  – Anonymous

Generous people are rarely mentally ill people.  – Karl Menninger

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  – Anonymous

The great hope of society is individual character.  – William Ellery Channing

Conscience is a treacherous thing, and mine behaves badly whenever there is a serious danger of being found out. – Margaret Lane