FAQs
Questions & Answers
AFAQ Participants
Who is eligible to participate in AFAQ?
1-Central banks in the GCC countries.
2-Commercial banks and financial institutions participating in the local payment system of each country.
What are the initial requirements to join AFAQ?
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).
Preparation and Onboarding Process
What are the phases to undergo joining AFAQ service?
1- Preparation Phase.
2- Testing Phase.
3- Onboarding Phase.
What are the essential preparations for joining AFAQ?
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.
What is the estimated duration to complete the onboarding stages for AFAQ?
It ranges from two to three weeks.
Network and Connectivity
What type of network used in the AFAQ service?
• 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.
Does AFAQ service have API connectivity?
Yes, the AFAQ service has API connectivity exchanging payment and non-payment messages through payment gateway applications.
Does AFAQ support STP (Straight-Through Processing)?
AFAQ supports STP.
Payment Flows and Types
What standards does AFAQ follow?
AFAQ follows ISO 20022 standards.
What types of Payment message types will be supported in AFAQ service?
• MT103 / Pacs.008 – Single Customer Credit Transfer
• MT202 / Pacs.009 – General Financial Institutional Transfer
• MT202 RTRN / Pacs.004 – Return Transfer
Exchange Rates
How AFAQ service manages the FX rates across all central banks in GCC countries?
Central banks provide AFAQ services with approved FX rates on daily basis.
Is the exchange rate will be fixed within the day?
Yes, National Central Banks will feed AFAQ service with the official rates and will not be changed during the day.
What is the FX rate of the return payments in AFAQ service?
The return payments must have the same exchange rate and currency amounts as in the originally received payment with no deductions.
Services and Benefits
What is the list of services and currencies available in AFAQ?
• Cross-Currency Service.
• Currencies included AED, BHD, SAR, OMR, KWD currencies (and soon, QAR).
What are the features offered by AFAQ to commercial banks and financial institutions?
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.