29th meeting of Arab Committee on Payment, Settlement Systems kicks off in Algiers

ALGIERS- The 29th ordinary meeting of the Arab Committee on Payment and Settlement Systems kicked off Monday at the Bank of Algeria, in Algiers, with the participation of Directors of payment and settlement systems and financial departments from Arab central banks and monetary institutions gathered to explore ways to enhance cooperation between Arab central banks of monetary institutions.

 

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Jointly organized by the Arab Monetary Fund (AMF) and the Bank of Algeria, the meeting aims to foster the development of payment and settlement systems across Arab nations. It also seeks to bolster coordination and facilitate knowledge sharing among Arab central banks and monetary institutions, according to a joint statement released by the Bank of Algeria and the AMF.

The meeting agenda covers a range of topics, including recent trends in global payment systems, instant payment solutions, and the application of biometric data to combat fraud. The participants will also discuss digital security in the payments sector and explore innovative fintech business models.

Fahd bin Mohamed Al-Turki, Director General and Chairman of the AMF Board, commended the Committee's ongoing evomution and highlighted the significance of these discussions for Arab nations in enhancing the security and efficiency of financial transactions and payment flows.

Al-Turki stressed the importance of addressing cross-border payment issues, improving transaction speed and efficiency, and ensuring payment system interoperability. He also emphasized the potential of artificial intelligence in developing more secure and reliable payment verification services.

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