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The Gulf Payments Company successfully launched the first phase of operating the Gulf payments system (Afaq), and the current 10 exchange of financial transfers between the Central Bank of Bahrain and the Saudi Central Bank through the payment system (Afaq) has begun.
The rest of the Gulf central banks will soon join the system according to the schedule and stages of work. Agreed.
The Gulf Payments System (AFAC) offers many advantages, the most prominent of which is the shortening of the time required to implement cross-border transfers, as the money transfer will be executed within moments, thanks to the technology of continuous real-time transfers (RTGS). In addition, the system provides a high level of environment. Security to avoid cyber risks and information security risks by taking advantage of the latest technologies available in this field and reducing reliance on financial systems and external transfer networks. Moreover, the system contributes to reducing the cost of transfer for customers.
The system is part of a regional infrastructure that the company is developing to base on the common regional payment systems among the countries of the Gulf Cooperation Council, by providing a real-time settlement system between Gulf central banks, support for dealing in local currencies of the countries of the Cooperation Council for the Arab Gulf states, and facilitating clearing and financial settlements. And strengthening the requirements for integration between financial markets and ensuring the speedy completion of cash transfers, standardizing their coordination and ensuring their protection, which contributes to enhancing financial stability in the GCC countries.
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