2.2 Purpose
| No: 43038107 | Date(g): 2/12/2021 | Date(h): 27/4/1443 | Status: In-Force |
Effective from Dec 12 2021 - Dec 11 2021
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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.