Cut-off time to be revised to streamline inter-bank payments |
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The Central Bank of the UAECentral Bank of the UAE
is in the process of streamlining inter-bank payments in the country as inconsistency in the cut-off time across banks has led to disputes in the past, Emirates Business has learnt. "It has been noted that some banks are imposing internal cut-off times after which they will not process payment instructions received from other banks through UAEFTS [UAE Funds Transfer System]," the Central BankCentral Bank
stated in a recent notice."Payments received after the cut-off time are deferred for action until the following business day, leading to problems and disputes between banks because the cut-off time is not consistent across all banks, despite the fact that UAEFTS official time commences at 8am and ends at 2pm," the notice said.
Through the notice, the Central BankCentral Bank
sought suggestions from the banks on the cut-off timing, after which it might revise the intra-bank cut-off timing under the UAEFTS. "The Central BankCentral Bank
would like to set this cut-off time with the consensus of banks," the Central BankCentral Bank notice said."We will change the undertaking for protection of the participant's access to the UAEFTS to include a consistent cut-off time during each business day. Payments received before this cut-off time must be processed and credited to customer accounts on that day," it said.
The funds transfer system is real-time gross settlement for funds transfer between banks. It allows the electronic exchange of bulk payment file instructions between banks, including salaries, supplier payments and bonuses, cash withdrawal/deposit pre-authorisation, account status monitoring, account reconciliation facilities, etc.
By Vicky Kapur
© Emirates Business 24/7 2009
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