Join AFAQ System
The path to advanced financial and economical integration among the GCC
AFAQ Onboarding Approach
Strategy
To ensure the safe and efficient onboarding of all financial institutions.
Procedure
Tried and tested processes using the latest technology to onboard all banks and financial institutions as participants.
Target
To onboard all the financial institutions in the GCC region.
Onboarding Window
Open all the days in the year for onboarding with an agreed plan with National Central banks.
Onboarding Support Team
The Gulf Payments Company team will manage onboarding activities and provide the necessary support regarding the banks and financial institutions onboarding program.
Onboarding Phases
Preparation Phase
Testing Phase
Onboarding Phase
Key requirements to join AFAQ
A financial institution will:
- Hold a local settlement account with their respective National central bank.
- Member of the Domestic RTGS of their respective National central bank.
- Comply with AFAQ service requirements.
Preparation Phase
-
Document Package
National Central Bank provides an onboarding guideline document to the bank/financial institution
-
Test Plan
National Central bank will share the agreed plan with the financial institution for the onboarding timelines
-
Training
National Central bank will provide any necessary training to the commercial bank/financial institution
-
Test Environment Readiness
Financial institution/commercial bank will ensure test environment readiness
Close
Testing Phase
-
Internal testing
Financial institution/commercial bank to perform connectivity and basic flow success testing with the National Central Bank
-
Test Entrance Certification
National Central bank will share an official request to Gulf Payments Company based on the successful internal testing results
-
AFAQ Testing
Commercial bank/Financial institution begins testing certification scenarios with the GPC onboarding team
Close
Onboarding Phase
-
Onboarding Certification
National Central bank certifies commercial bank/financial institution has completed all AFAQ test scenarios.
-
Production Deployment
National Central bank shares deployment plan with financial institution. Commercial bank/Financial institution starts rollout of the production changes.
-
Go-live Announcements
Announcement to all AFAQ participants on the successful onboarding of a new commercial bank/financial institution to the AFAQ system.
Close