Afaq (Arabian Gulf System for Financial Automated Quick Payment Transfer)

Payment system type

Interbank payment system

Status of implementation

Active

Operator

Bank association

National or Regional

Regional

Annual value of transactions (USD)

NA

Annual volume of transactions

NA

Cost of transactions

NA

Participants

2024- 5

Types of transactions supported

P2P, B2B

Type of settlement system

RTGS

URL

https://www.gulf-payments.com

Last Updated

01/10/24

Active real-time payment system

NO

Cross-border payments

YES

QR code transactions

NA

Bank participation

YES

Non-bank participation

NO

Interoperability policy

NA

Participation rules

YES

Data-handling rules

NA

Reporting forum

NA

AML Law

NA