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Gulf Payments Co. launched Phase I of “AFAQ” platform and started money transfers on Dec. 10, 2020, between the Saudi Central Bank (SAMA) and the Central Bank of Bahrain (CBB), the company said in a statement.
“Other central banks in the GCC region will follow suit soon as per the agreed-upon time framework,” the statement said.
AFAQ payment system offers a common regional platform that connects Real Time Gross Settlement (RTGS) systems of each GCC member state, whereby instant processing of financial transfers between the GCC states are executed by end of day, including gross settlements. It also supports cross-border multilateral net settlement instructions submitted by various regional clearing systems.
This comes within a regional infrastructure for the GCC payments that fulfills market’s demand in compliance with payment laws and regulations. It supports settlement and financial transactions between the GCC states, while providing a full-fledged system for safe, efficient, and cost-effective cross-border payments, leveraging cutting edge technologies, in accordance with international standards and best practices.
The Gulf Payments Co. is a closed joint stock company, owned and financed by the GCC member states, in line with the GCC Supreme Council decision in December 2016.
Gulf Payments Co. was launched in June after completing the required procedures by competent committees in the Cooperation Council of the Arab States of the Gulf (GCC). The new entity is headquartered in Riyadh and has one branch in Abu Dhabi, Argaam reported.
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