GCC central banks plan to create Gulf-wide payments system

Thursday 29 April 2004 08:27 CET | News

Central banks of the Gulf Cooperation Council (GCC) countries have initiated moves to create a new e-payment gateway for country-to-country and inter-bank settlements.

A technical committee comprising representatives of the central banks of the six countries -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- recently met in Riyadh to discuss ways and means to create the National Payments System. The committee has begun discussions on the protocol and standards to be used as well as some other technical issues for the inter-GCC payments system link. Earlier there were two technical committees, one for the GCC Inter-bank Switch and another for the National Payments System, but now a single technical committee has been formed to look into both subjects, the report said. The National Payments System will enable the central banks to monitor the country-to-country payments as well as inter-bank payments.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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