Book traversal links for 1. Definitions
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:
Term | Definition |
SAMA | Saudi Central Bank. |
GPC | Gulf Payments Company. |
AFAQ | Arabian 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 Rules | Operating Rules for Cross Currency Payments using AFAQ Service |
Pilot Phase | The period of time commencing upon April 19, 2021 until close of business on July 17, 2021 |