ARTICLE AD BOX
🏦 “National Bank of Iraq Upgrades to SWIFT MX: Paving the Way for Digital Dinar & Financial Modernization” 🏦
✨ HIGHLIGHTS SUMMARY
🌐 SWIFT MX Transition Completed: The National Bank of Iraq has fully transitioned from the old MT standard to the MX ISO 20022 global messaging standard, marking a major step in modernizing Iraq’s banking infrastructure.
💻 Technological modernization: This upgrade enables data-rich, structured financial messaging, improving transaction tracking, accuracy, and transparency across all banking operations.
💡 Digital banking readiness: The MX system supports a more integrated, secure, and customer-friendly digital banking experience for both individual and corporate clients.
📊 Strategic significance: According to bank officials, the move aligns with Iraq’s roadmap for financial modernization, global best practices, and future digital initiatives, including the anticipated digital dinar rollout .
💵 Hoarded cash collection: Insider notes suggest the National Bank will be key in collecting existing cash stashes, essential for implementing digital currency and financing upcoming 2025–2026 projects.
✅ Smooth implementation: The transition was executed with minimal downtime and no major operational issues, showcasing effective planning, governance, and collaboration with regulatory authorities.
🔍 Global integration: The new system positions Iraq’s banking sector for better compatibility with international standards, enhancing its regional and global financial connectivity.
🌐 FOLLOW & CONNECT
Blog: https://dinarevaluation.blogspot.com/
Telegram: https://t.me/DINAREVALUATION
Facebook: https://www.facebook.com/profile.php?id=100064023274131
Twitter/X: https://x.com/DinaresGurus
YouTube: https://www.youtube.com/@DINARREVALUATION
------
THE NATIONAL BANK OF IRAQ ANNOUNCES THE COMPLETION OF ITS TRANSITION TO THE NEW GLOBAL STANDARD, SWIFT MX.
(Mnt Goat: Can you remember what my CBI contact told me. That the CBI was going to use this new National Bank for yes, the collection of the stashes and hoards of cash. So, again they have yet another article (see below) about all the hoards of cash that needs to get into the banks. They need this cash to in the banks to roll out the digital dinar and to finance many of these 2026 projects rolled over from 2025. Coincidence both of these articles are in the exact same news stream?)
The National Bank of Iraq announced the completion of its transition to the new global standard SWIFT MX for financial messages, a step that marked a significant milestone in the bank’s technological infrastructure modernization and enhanced readiness for digital transformation.
The bank said in a statement, “The implementation of this transformation comes as part of the bank’s transition from the old MT standard to the MX ISO 20022 model, which is the most advanced, structured and data-rich framework in the global financial messaging sector. The transformation process was carried out across all operational channels with high efficiency and minimal downtime, reflecting the bank’s strong technical readiness, accurate planning, and commitment to providing its services without any significant interruption.”
He pointed out that “this transformation is an advanced step within the strategic roadmap of the National Bank of Iraq to modernize its systems, enhance its compatibility with global best practices, and provide an advanced digital banking experience for its individual and corporate clients.”
The statement quoted Aqeel Ezzedine, Chief Operating Officer and Deputy CEO of the National Bank of Iraq, as saying that “the smooth transition to the MX standard is the result of a robust system of governance, teamwork and careful planning, and represents an important step in modernizing the payments infrastructure and enhancing the reliability and security of banking operations.”
Hani Khalil, head of the transformation department at the National Bank of Iraq, said, according to the statement, that “the completion of this transformation embodies the bank’s commitment to keeping pace with the latest international standards in payment systems, and building a more transparent, integrated and high-quality financial data structure, which enhances customer experience and strengthens the bank’s position within the regional financial system.”
The MX standard enables a more accurate and richer exchange of information in financial messages, with substantial improvements in transaction tracking and identification of parties, supporting global trends towards greater efficiency and transparency in payments.
Since the new system came into effect, the bank has not recorded any significant problems, which confirms the success of the implementation process and the close coordination between the transformation, IT and operations teams, in addition to effective cooperation with partners and regulatory authorities.
English (US) ·