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.

With the aim of Facilitating cross-border payments in the region, providing essential infrastructure to enable the on-going integration of financial markets across the GCC region, utilizing the advantages of real-time gross settlement, Encouraging closer financial and economic integration between the GCC countries; SAMA has implemented a Specific Model in which functions of the Domestic RTGS system for both Sending and Receiving cross-border payments will be performed at the AFAQ Service's Central Component hosted technically by the Gulf Payments Company (GPC); While controlled, supervised & operated by SAMA according to the operating Rules.

Without prejudice to Saudi Central Bank "SAMA" rights under applicable laws and regulations, this Charging Policy is constituted by SAMA in exercise of the powers stipulated in the Saudi Central Bank Law dated 11/04/1442H (26.11.2020); Designating SAMA as the competent authority to Establish, Develop & Operate national infrastructures for Payment, Clearing & Settlement systems; Issue rules, guidelines, and licenses; Control and Oversee Payment, Clearing & Settlement systems within its sphere of competence.

Fees are levied by SAMA on the Participants for the use of the Service. Fees are levied under the following headings:

SAMA may amend, replace or supplement the contents of this Charging Policy as it deems fit; in consultation with Participants. Such amendment will be duly notified to Participants.

Each Participant will comply with this Charging Policy.