News 24 | Approval of the system of linking payment systems between the countries of the Cooperation Council.. Learn about its objectives and what it achieves

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Approval of the system of linking payment systems between the countries of the Cooperation Council.The countries of the Cooperation Council for the Arab States of the Gulf agreed to establish and build a linking system for the payment systems in the GCC countries, and to authorize the monetary institutions and central banks in them to own and manage the project by establishing an independent company owned and financed by the monetary institutions and central banks in the GCC countries.

The system links the payment systems of the GCC countries and other entities approved to participate in it, to transfer and settle payments and implement cross-border payment orders, including tools, procedures and rules for making money transfers between participants.

The agreement aims to enhance the safety and efficiency of the joint Gulf payment systems to reduce any potential risks to them, to maintain financial stability in the participating GCC countries and serve their interests, and to establish and develop the supervisory and supervisory powers of the central banks over the payment systems among the GCC countries.

This is achieved by providing a cross-border real-time settlement system for the GCC states, supporting dealing in their local currencies, financial settlement processes between central banks, promoting integration between financial markets, ensuring the speed of cash transfers, unifying their format and ensuring their protection, and supporting bilateral and multilateral trade relations.

Central banks shall have powers; These include establishing, owning and appointing companies to manage and operate the system, develop payment systems, ensure its operation and continuity of work, transfer and settle transactions executed through it, find alternative methods in case the operator fails or does not provide the service, and approve the exchange value between the currencies of the GCC states.

The funds and assets of companies – established by the central banks of the GCC countries to manage and operate the system – are not subject to nationalization, confiscation, seizure, custody or seizure except in implementation of a final court ruling, with their funds and financial operations exempted from any restrictions on currency conversion, and their assets, funds and revenues. from all taxes and fees.

The members of the boards of these companies and their employees are also exempted from any taxes or fees on salaries, or bonuses they receive from these companies, and all information exchanged between the parties participating in the system is considered confidential in nature and may not be disclosed or used except for the purposes of operating the system.

The system stipulates that any dispute arising in connection with this agreement shall be settled amicably and if it is not possible to settle it, it shall be submitted to arbitration in accordance with the arbitration rules to be agreed upon. Otherwise, the dispute shall be referred to the Economic Judicial Authority of the Cooperation Council for the Arab States of the Gulf.

He pointed out that accession to the agreement is optional for the GCC countries, and any country may withdraw from it provided that it fulfills all the requirements and fulfills its obligations resulting from its participation in the system, and the membership of any party may be terminated or suspended if it violates any of its provisions or the system, provided that all other parties agree.

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