Arab regional payment system set for 2020 launch
New system would replace costly and inefficient correspondent bank model
Work on a cross-border payment platform within the Arab region has been accelerated to ensure it can be up and running by 2020, said Abdulrahman Al Hamidy, director general chairman of the Arab Monetary Fund, at the end of March.
Speaking at an event in Abu Dhabi, United Arab Emirates (UAE), Al Hamidy said the platform would replace the current system, which is heavily reliant on costly correspondent banks.
The new payment platform “is a low-cost, fast, simple and safe solution that addresses
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