FAQs

1-Central banks in the GCC countries.
2-Commercial banks and financial institutions participating in the local payment system of each country.

The following requirements must be met:
• An open account between the commercial bank and the local central bank.
• Member of the Domestic RTGS of their respective local central bank.
• Comply with AFAQ requirements (technical and operational).

• Individuals, whether citizens or residents, in GCC countries.
• Retail businesses.
• Corporations and wholesale.

1- Preparation Phase.
2- Testing Phase.
3- Onboarding Phase.

1- Provide the onboarding and implementation plan with the local central bank.
2- Completion of technical and operational procedures in coordination with the central bank.
3- Conducting and passing the necessary tests.
4- Completion of the onboarding certification requirements.

It ranges from two to three weeks.

• The network in AFAQ is a private network to connect all participants in GCC countries.
• The private network has encrypted connection to ensure the sensitive data is safely transmitted.

Yes, the AFAQ service has API connectivity exchanging payment and non-payment messages through payment gateway applications.

AFAQ supports STP.

AFAQ doesn’t use the SWIFT network; instead, it operates through a private network, and closed, secure infrastructure.

AFAQ operates through a private MPLS-VPN network.

AFAQ follows ISO 20022 standards.

• MT103 / Pacs.008 – Single Customer Credit Transfer
• MT202 / Pacs.009 – General Financial Institutional Transfer
• MT202 RTRN / Pacs.004 – Return Transfer

Central Banks that do not use the Country-Specific-Model (CSM), process transfers from participants (Commercial Banks) through the National Central Bank first, then are sent to AFAQ via the Regional Payment Gateway (RPG) of the sending country. However, for Central Banks that use the Country Specific Model (CSM), transfers from participants (Commercial Banks) are sent directly to AFAQ via the Regional Payment Gateway (RPG) of the sending country.

Future value-dated payments are executed, as a first phase, by commercial banks, which organize the entry of transfers into their systems until the execution date arrives.

Central banks provide AFAQ services with approved FX rates on daily basis.

Yes, National Central Banks will feed AFAQ service with the official rates and will not be changed during the day.

The return payments must have the same exchange rate and currency amounts as in the originally received payment with no deductions.

• Establish and develop an infrastructure for Gulf payments and provide advanced services and attractive financial payment services in a secure and stable environment with low costs.
• Provide a payment system that connects payment and settlement systems between the GCC countries and executes financial transfers and settlements in real-time.
• Collaborate with the banking and financial sectors, provide studies and recommendations in the field of payment systems, and meet payment system service requirements in the GCC region.

• Cross-Currency Service.
• Currencies included AED, BHD, SAR, OMR, KWD currencies (and soon, QAR).

The main features can be summarized as follows:
• Instant payment transfer.
• Fixed exchange rates by the participating GCC central banks.
• Data privacy and a private, secure network connection.
• Guaranteed financial settlements.

The Gulf Payments Company’s help desk provides prompt assistance for inquiries received from Central Banks.

The official working hours and business hours are available on the Gulf Payments Company website.