AMF prepares launch of international immediate payment service

AMF prepares launch of international immediate payment service

The Arab Monetary Fund (AMF) is preparing to launch an international immediate payment service, as part of its cooperation with central and commercial banks around the world.

The new service is the latest part of its "Beni“ platform for Arab payments, with several other services set to launch in the coming period.

The AMF held a workshop to review the future vision of the prompt payment service and its business model. The workshop was held to exchange ideas and experiences among the participants. Previous AMF-run workshops have presented innovative ideas for the first time to commercial banks operating in the region.

The international immediate payment service is the first of its kind in the Arab world, which contributes to a qualitative shift in the region's payment method capabilities, especially regarding individual transfers and retail payments.

The AMF's workshops with the banks on the immediate payment services come as part of its keenness to affirm the role of banking participants in developing the Beni platform's strategic vision.

The workshop is the eighth of a series of focused digitally held workshops over a number of weeks, which address several strategic issues, in addition to workshops dedicated to banks in each country.

The Beni platform represents a multi-currency