Arab Payment Systems

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The World Bank “Arab Payment Systems Integration Project – Outcome of the Feasibility Study” GLOBAL PAYMENT WEEK Amsterdam, October 19-22, 2010 Contents g  Introduction & Objectives g  g  g  Objectives of the project What are the needs? Main Assumptions g  Where are we? Feasibility Study g  g  g  g  g  g  key feasibility elements Main Conclusions Model Recommended Outcome of the detailed studies Settlement Cycle g  Next Steps g  Strategic Phases Introduction & Objectives Objective
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  “Arab Payment SystemsIntegration Project – Outcome of theFeasibility Study”  GLOBAL PAYMENT WEEK  Amsterdam, October 19-22, 2010    The World Bank     Contents g   Introduction & Objectives g   Objectives of the project g   What are the needs? g   Main Assumptions g   Where are we? g   Feasibility Study g   key feasibility elements g   Main Conclusions g   Model Recommended g   Outcome of the detailed studies g   Settlement Cycle g   Next Steps g   Strategic Phases  Introduction & Objectives Objectives of the project g   Economic development    Reducing the need for reserves currencies currently requiredwith the regional trading partners    Promoting intra-region economic activities and accordinglyregional integration g   Financial Stability    Ensuring national payment systems are compliant withinternational standards and best practices    Setting up a common set of processes and procedures toexecute cross-border payments in the region    Using a common set of risk controls within the region.  Introduction & Objectives Objectives of the project (Cont …) g   Efficiency    Creating services that are on line with users expectations(price, timing, safety, …)    Developing a system that is highly reliable, secure and resilientand easy for any expansion g   Synergies and externalities    Working together to improve efficiency of the individualmarkets for the common goal    Potentially reducing the need for foreign currencies byintroducing a multilateral netting scheme    Improving the security of the financial information
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