New Arab payments platform “Beni” will include Egyptian Pound

The Arab Monetary Fund announced the Egyptian pound  will be included as a settlement currency used in the “Beni” platform for Arab payments in cooperation with the Central Bank of Egypt.

The Arab Monetary Fund is  preparing to launch of the “Beni” platform for Arab payments of the fund and the start of the process of joining central and commercial banks to the platform.

The “Bani” platform will provide clearing and settlement services for the Egyptian pound currency, along with the currencies of the US dollar, the euro, the UAE dirham, the Jordanian dinar, the Bahraini dinar, the Saudi riyal, and other international and Arab currencies that will be announced later.

The multi-currency platform will also provide clearing and settlement services in Arab and international currencies that meet eligibility requirements in order to clear inter-Arab financial transactions, as well as financial transactions between Arab countries and the main trading partners of the Arab countries.

Moreover, the platform has enhanced capabilities to ensure that the platform’s operations comply with relevant international principles and standards, foremost among which are standards related to combating money laundering and terrorist financing operations as well as complying with the regulations for the currencies used on the platform.

The platform is available to all banks that meet the criteria and conditions for participation in them, foremost among them are the standards and procedures for compliance aspects.