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FAQ on UAE Funds Transfer System - final - citibank.ae

FAQ on UAE Funds Transfer System (FTS) Ques on 1: What is FTS? Answer: FTS sta nds for Funds Transfer System . FTS is a Funds Transfer mechanism in the UAE wherein Transfer of mon ey takes place from one Bank to another through the UA E s Central Bank System . In compliance with regulatory requirements, all Banks in the UAE have been mandated to use the UAE FTS for all UAE Dirham (AED) transfers. This System will require Banks in the UAE to switch from SWIFT financial messages to a file based se lement System , allowing for more efficient processing of AED payments.

FAQ on UAE Funds Transfer System (FTS) Ques on 1: What is FTS? Answer: “FTS” stands for Funds Transfer System. FTS is a funds transfer mechanism in the …

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Transcription of FAQ on UAE Funds Transfer System - final - citibank.ae

1 FAQ on UAE Funds Transfer System (FTS) Ques on 1: What is FTS? Answer: FTS sta nds for Funds Transfer System . FTS is a Funds Transfer mechanism in the UAE wherein Transfer of mon ey takes place from one Bank to another through the UA E s Central Bank System . In compliance with regulatory requirements, all Banks in the UAE have been mandated to use the UAE FTS for all UAE Dirham (AED) transfers. This System will require Banks in the UAE to switch from SWIFT financial messages to a file based se lement System , allowing for more efficient processing of AED payments.

2 Ques on 2: Are all Bank branches in the country part of the Funds Transfer network? Answer: Yes. In compliance with regulatory requi rements, all Banks in UAE have been ma nd ated to use the UAE FTS for all AED transfers. Ques on 3: Is it possible for Ba nks in UAE to send payment/receive AED payments via SWIFT message from UAE Banks? Answer: No. With the implementa on of FTS, usage of SWIFT messages such as MT103, MT202, etc will be discon nu ed for all AED payments between UAE Banks. However these message types will con nue for other currency payments.

3 Ques on 4: Is there any limit on the amount that could be transferred using FTS? Answer: No. There is no limit on the amount of Funds that could be transferred using FTS. Ques on 5: How can a Client send signed instruc ons manually for AED currency payments with the mandatory Transac on Type code? Answer: The new Transfer request form with all Trans ac on Type codes and Payment Details codes will be available at all of Ci bank, UAE branches. Ques on 6: Am I required to incorporate any changes to my Transfer instruc ons sent on my le er head?

4 Answer: Yes. Clients have to provide the Transac on Type code and Payment Details Code for each payment on company le er head. Ques on 7: Are there changes in outgoing Transfer processing fees for FTS Transac ons? Answer: Yes, there is a change in charges, AED 25 for incoming and outgoing transfers. Ques on 8: Are there changes in correspondent Bank fees for FTS Transac ons from UAE Banks? Answer: Once FTS goes live, Central Bank has mandated that the correspondent Bank fees from any UAE Bank for payments with charge code OUR will be AED 25 only.

5 Ques on 9: What is the cut-off me for FTS AED payments? Answer: There is no change in AED currency cut-off mes for Ci bank UAE; that is for electronic payment 11 :00 AM and for manually ini at ed payments the cutoff will be 10:00AM. Ques on 10: Who at Ci should be contacted in case of non-credit or delay in credit to the beneficiary account? Answer: Client may contact the below listed Client Service Representa ves in Ci bank UAE for queries: Contact your Rela onship Manager Contact our Call Center at +971 4 311 4000 Visit your nearest Ci bank branch Email us at uaeservice@ci.

6 Com Ques on 11: Since there will be no SWIFT copy that can forwarded to the beneficiary for follow up with their Bank, what proof can Ci provide on payment confirma on? Answer: Ci will be able to provide the acknowledgement file name received from the regulators. Ques on 12: Can remi ances in AED currency be sent abroad using FTS? Answer: Yes. The Remi er has to provide the AED Correspondent Bank details to remit the Funds . Question 13: Would the remitter Bank receive an acknowledgement once the Funds are transferred to the account of the beneficiary Bank?

7 Answer: No, once a file is sent to the regulator, the remitting bank will receive an acknowledgment or a negative acknowledgement. This mean that the file has been accepted and will be passed on to the Beneficiary Bank only if there are sufficient Funds in our Central Bank Account. Question 14: What are the benefits with introduction of FTS? Faster processing through RTGS (Real time Gross Settlement) Reduction in lifting Charges ( AED for UAE Dirham Payments for payment with charge code OUR ) Enhanced visibility through the FTS Query Module provided by Central Bank with Payment Status (ACK/NAK) for Banks.

8 Same day credit to be provided by all Banks. Credits based on IBAN Question 15: What are Transaction Type codes and Details of Payments Codes and how many are available? Answer: The table below has all the codes for both Transaction Type and Detail of Payment. CODE Description Usage RestrictionSAL Salary The code is to be used for making salary payments to employees. Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. ALW Allowances The code is to be used for making payments to employees for allowances.

9 Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. BON Bonus The code is to be used for making bonus payments to employees. Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. COM Commission The code is to be used for making commission payments to employees. Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. COP Compensation The code is to be used for making payments to employees for compensation.

10 Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. EOS End of Service The code is to be used for making payments to employees for their end of service benefits. Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. LAS Leave Salary The code is to be used for making leave salary payments to employees. Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES. OVT Overtime The code is to be used for making payments to Only to be used by NON RETAIL account holders (non Individuals), such as SME, employees for overtime Tickets The code is to be used for making payments to employees for tickets Only to be used by NON RETAIL account holders (non Individuals), such as SME, CORPORATES.


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