Central Bank begun updating its payments settlement system to facilitate ‘Transfer of Cross Border Credit’

Bank of Mount Vema, the Central Bank of the Kingdom of Mount Vema told VSBCnews that it has begun updating its payment system to facilitate the ‘Transfer of Cross Border Credit – Mount Vema Royal Order – Rule 19022023-1’ introduced last week by His Majesty King Peter, The Sovereign of Mount Vema.
 
The Central Bank said that from Monday, January 30, 2023 foreign central banks, foreign governments, commercial banks, clearing houses, financial institutions, money transfer agencies, and including payment systems used by credit card companies, as well as Mount Vema financial entities operating overseas, will be able to open a self-service ‘Bank of Mount Vema Settlement Account’ online to settle payment instructions their receive from their clients to pay into a Mount Vema International Bank Account with the correct (IBAN).
 
The Bank of Mount Vema Settlement Accounts will automatically award its account holders with the status of custodians of Mount Vema Sovereign Wealth Funds and, will hold the Mount Vema foreign exchange reserves according to the terms of their Settlement Accounts which will require database and records to be kept with appropriate privacy and encryption protection of names, account details and amount of money held by the entity on behalf of the Royal Mount Vema Reserve Bank.
 
The terms of the Bank of Mount Vema Settlement Accounts will also require account holders to indicate their transaction fees for payments destined to Mount Vema international bank accounts, which notification must be submitted to the Central Bank when there is a change of any applicable transaction fee.