Within the frame of bank risk mitigation and banking business automation and on order to develop Palestine’s banking industry, the PMA launched today Version II of the Bounced Checks System, the Credit Reports handling System, the Consensual Settlement System and the stopped and Lost Checks System. The aforesaid systems have already been made available to users from the Banking system and Microfinance institutions.
The Governor of PMA, H.E. Azzam Shawwa, pointed out that these systems were developed internally by PMA staff in partnership with Al Andalus Software Development Company. This upgrade was undertaken in order to better meet the needs of users from the banking system and the microfinance institutions and offer citizens quality and prompt banking services that are compliant with the relevant best international standards and practices.
Governor Shawwa noted that the upgrade process took into consideration the objective to provide banking services to citizens at their localities, without them having to endure the burden of travel or long waiting periods to obtain a banking service. As such, it is now possible to carry out the required transaction through the aforesaid systems in record time and at extremely low costs. He added that this constitutes an addition to PMA achievements in the areas of financial system infrastructure development and the promotion of financial stability in Palestine.
In addition to the upgrade of the Bounced Checks System and the stopped and Lost Checks System, two new systems have been developed; namely, the Consensual Settlement System and the Credit Reports System. The former will save citizens time and effort needed to carry out consensual settlements, whereas the latter gives citizens access to their credit reports whenever they need them, at any bank or microfinance institution location. In effect, a citizen can currently obtain a credit report including a checks report within few minutes, rather than commute to PMA’s consumer Halls in Ramallah and Gaza for that purpose.