1. Definitions
| No: 42068309 | Date(g): 5/5/2021 | Date(h): 24/9/1442 | Status: In-Force |
In this Operating Rules, the following terms will have the following meanings except as the context may otherwise require:
| Term | Definition |
| SAMA | Saudi Central Bank. |
| NCB | National Central Bank (NCB) or Monetary Authority of each of the six GCC countries. |
| GPC | Gulf Payments Company. |
| AFAQ | Arabian Gulf System for Financial Automated Quick Payment Transfer |
| Confirmed Exchange Rate | The exchange rate to be used for conversion between a pair of GCC currencies. This rate is confirmed and guaranteed by the relevant NCBs on every Business Day for use throughout that Business Day. |
| 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. |
| CSM | Country Specific Model. |
| Domestic RTGS | The RTGS system operated by each NCB for processing domestic and eligible cross-currency cross-border payments. The Domestic RTGS systems act in both Sending and Receiving mode. For clarity purposes in this OR references to the "Receiving Domestic RTGS" and "Sending Domestic RTGS" are used to illustrate various actions performed by these systems while they are acting in either Receiving or Sending mode. |
| AFAQ CC | The Central Component (CC) of the AFAQ Service. |
| OR | Operating Rules. |
| RPG | Regional Payment Gateway. The RPG acts in both Sending and Receiving mode. |
| Arbitrage | The simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing prices for the same currency or asset. |