Interoperability with Banks & Settlement Systems
Electronic Payment Service Providers (EPSPs) must integrate with banks and clearing systems to enable transaction settlement, merchant payouts, card operations, and wallet functionalities. The Central Bank of Iraq oversees interoperability to ensure consistent standards, fair access, financial stability, and secure fund flows. Without interoperability, digital payment systems cannot scale across merchants, customers, and banking channels.
Interoperability Requirements:
- Integration with designated settlement banks
- Compatibility with card and payment networks
- Secure API data exchange with banking systems
- Transaction reconciliation and reporting processes
- Cut-off and settlement timing coordination
Operational Considerations:
- Merchant payout cycles
- Wallet top-up and withdrawal mechanisms
- Dispute and chargeback procedures
- Clearing and reconciliation models
CBI compliance
- Submit documentation on system interfaces
- Demonstrate successful testing and certification
- Maintain system availability and performance
- Support standardized settlement processes
How Etihad Can Assist
Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.