The path to advanced financial and economical integration among the GCC
To ensure the safe and efficient onboarding of all financial institutions.
Tried and tested processes using the latest technology to onboard all banks and financial institutions as participants.
To onboard all the financial institutions in the GCC region.
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.
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.
National Central Bank provides an onboarding guideline document to the bank/financial institution
National Central bank will share the agreed plan with the financial institution for the onboarding timelines
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
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
Commercial bank/Financial institution begins testing certification scenarios with the GPC onboarding team
National Central bank certifies commercial bank/financial institution has completed all AFAQ test scenarios.
National Central bank shares deployment plan with financial institution. Commercial bank/Financial institution starts rollout of the production changes.
Announcement to all AFAQ participants on the successful onboarding of a new commercial bank/financial institution to the AFAQ system.