In its continuous journey toward bringing its national banking and financial services infrastructures up to speed with international standards, the Central Bank of Iraq has been working with its banking body to upgrade their technology, processes and infrastructures to meet with the new regulations and mandates.
Aligning with the central bank’s vision, Iraqi banks recently initiated a procurement process to select and implement a technology that automates their clearing and settlement processes, where ProgressSoft won against other vendors to implement its PS-GatePay in five renowned banks and their branches – National Bank of Iraq, Mosul Bank for Development and Investment, RT Bank, BLOM Bank and Economy Bank for Investment and Finance. This increases the total number of Iraqi banks adopting PS-GatePay to nine banks as ProgressSoft was awarded this project previously by Standard Chartered, Ashur International Bank, Bank of Baghdad, and Credit Bank of Iraq.
PS-GatePay automates the process of sending and receiving Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS) as well as check transactions; utilizing the latest payment concepts and integrating with the banks’ Core Banking Systems (CBS). Using PS-GatePay, banks would be adhering to the latest regulations of the central bank in addition to the removal of manual processes and avoiding the risk of duplicate entries, which in return reduces the errors and increases the efficiency of the process.
Furthermore, banks can now initiate instant large money transfers between them using PS-GatePay and can initiate ACH payments electronically without the need for any manual processes.
It is worth mentioning that ProgressSoft has been utilizing its experience of three decades in the payments and financial arena to assist banks and central banks in modernizing their payment infrastructures on a national scale, where these efforts have received great success and invaluable benefits to the banks and the citizens of those countries as well.