2.2. Purpose
Effective from May 06 2021 - May 04 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 & 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.