2.1 General
| No: 43038107 | Date(g): 2/12/2021 | Date(h): 27/4/1443 | Status: In-Force |
The ''Arabian Gulf System for Financial Automated Quick Payment Transfer" (AFAQ) is the Real Time Gross Settlement service for cross-currency cross-border payments between Gulf Cooperation Council (GCC) Countries; that is owned and managed by the National Central Banks (NCBs) of the six GCC countries (Kingdom of Saudi Arabia, United Arab Emirates, Kingdom of Bahrain, Sultanate of Oman, Qatar and Kuwait).
AFAQ Service is in line with the Charter of the Cooperation Council for the Arab States of the Gulf, which aims at achieving closer convergence and stronger links among the GCC countries, reaching advanced economic and financial integration, promoting collaboration, integration, interconnectedness and all aspects of cooperation among the GCC member states and their people at all levels.
AFAQ service has been designed to effectively mitigate frictions associated with conventional cross border payments; namely cost, speed and transparency. This innovative service would serve to bring down the cost of executing cross border payments incurred by relevant stakeholders within the ecosystem.