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1. Definitions

No: 43038107 Date(g): 2/12/2021 | Date(h): 27/4/1443

Effective from Dec 12 2021 - Dec 11 2021
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In this document, the following terms will have the following meanings except as the context may otherwise require:

TermDefinition
SAMASaudi Central Bank.
GPCGulf Payments Company.
AFAQArabian Gulf System for Financial Automated Quick Payment Transfer
Cross-Currency
Payment
Payment from the bank of one country to a bank from another country through the GCC RTGS Central Component. The Paying Bank sends funds in its country domestic currency, and the Receiving bank receives funds in its country domestic currency.
Operating RulesOperating Rules for Cross Currency Payments using AFAQ Service
Pilot PhaseThe period of time commencing upon April 19, 2021 until close of business on July 17, 2021