4.1.5 AFAQ Service CC
Effective from May 06 2021 - May 04 2021
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| The AFAQ Service CC will perform the following main functions: | ||
| • | Receive payment messages from the Sending RPG, | |
| • | Validate the message format and content, | |
| • | Perform the accounting entries over the shadow accounts of sending and receiving NCBs, and the Primary Accounts of Direct Participants in the case of countries using the CSM, | |
| • | Transmit the payment message to the Receiving RPG, or, to the Direct Participants in the case of countries using the CSM, | |
| • | Process Payment Completion Confirmation messages from the Receiving RPG, match them with the previously sent payment messages and transmit the Completion Confirmation to the Sending RsPG, or, to the Direct Participants in the case of countries using the CSM, | |
| • | Process payment rejections and returns, | |
| • | Maintain the Direct Participants directory, | |
| • | Maintain FX Exchange Rates for cross-currency conversion and end-of-day Settlement, | |
| • | Maintain the Business Day Timetable and Calendar, | |
| • | Provide enquiry services to NCBs, and to the Direct Participants in the case of countries using the CSM, | |
| • | Produce and transmit MT950 Shadow Account statements at end-of-day, and | |
| • | Perform end-of day Settlement activities. | |