GCC Payments Systems Company launched

MANAMA: GCC states have set up a company to facilitate direct money transfers among the members.

The first meeting of the board of GCC Payment Systems Company (GPC) was held at its headquarters in Riyadh, Saudi Arabia.

The company has been established to provide a safe, efficient, and cost-effective cross-border payments facility while leveraging cutting edge technologies in accordance with international standards and best practices.

GPC will be responsible for managing and operating GCC-RTGS system and for providing other related payment services to the banking industry in GCC.

The GCC RTGS system is a platform designed to link all GCC local RTGS systems together to process and settle cross-border payments in GCC region on real time basis.

GPC is owned and funded by the six central banks of the GCC countries.The new system is expected to further enhance the security and efficiency of cross-border payments across the region and significantly reduce transaction processing time and cost.

The new system will also contribute in the development of appropriate infrastructure facilitating the clearing and settlement of financial operations.

It will also strengthen the regional market and promote the integration of financial markets in the GCC countries.

GCC cross-border annual payments flows are as high as over $2 trillion made through about 2.3 million transactions.

Source: http://www.gdnonline.com/Details/824928/GCC-Payments-Systems-Company-launched