Domestic Economy Desk A senior official of Central Bank of Iran (CBI) has said electronic banking should be promoted nationwide. Nasser Hakimi added that CBI will launch new electronic services, namely Sepas and Chakavak as well as Electronic Money Bags in the first half of the following Iranian year (to start March 21, 2014 ). He said new banking services aim to facilitate and secure electronic transactions, IRNA reported. Currently, the Shetab system (inter-bank transfer network) is used as an electronic banking clearance and automated payment system in Iran . Hakimi stated that Shaparak was designed to centralize and reorganize point-of-sale terminals that can help reduce phishing. The CBI official stated that the number of banking transactions is expected to reach 20 billion by the yearend, which can experience a rise of 25 percent. He stressed that the banking system in the country should be modernized. "Fundamental reforms should be implemented in the banking sector whose regulations date back to decades and CBI is playing a crucial role in this regard," he said. Hakimi noted that banking regulations should facilitate loan payments and credit shopping for good customers. "The system of granting facilities should be based on prompt payment and mutual respect to promote monetary services," he concluded.
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