As per directive from UAE Central Bank, all inter bank local transfers denominated in AED will be routed through UAEFTS post 14th April 2012. To understand more on the implications of this change, you are requested to go through the below FAQs.
1. What is UAEFTS?
2. What is the benefit of UAEFTS?
3. What additional information is required from the customer?
4. What are the features and benefit of using UAEFTS transactions through smartBUSINESS?
5. What are the various "TRANSACTION TYPE" mandated by UAE Central Bank to be used for the AED transactions to other Bank in UAE?
6. Is there any change in smartBUSINESS?
7. I create on-screen transaction on smartBUSINESS for AED currency within UAE using one-off, Single, Basket input from Beneficiary, Remittances, Salary product. Are there any additional details I need to provide while creating the transaction?
8. I have saved payment templates for the local AED transactions to the beneficiaries. Do I need to change my templates to include these additional fields?
9. I do bulk upload on smartBUSINESS. Is there any change in the file upload format?
10. I have not changed my payment file to accommodate the additional details. Will I be able to upload the file on smartBUSINESS?
11. What do I need to do if I want to provide the specific Transaction Type, Payment Type and the charge code in my payment file?
12. Do I need to change my payment file and file upload template before UAEFTS Go-Live?
13. Post the change in the file upload template, what will happen if either the Transaction type or Payment type have not been provided for the transaction file?
14. What are the various types of charge codes applicable on smartBUSINESS for local AED transaction within UAE?
15. Is there any specific Charge Code supported for Beneficiary, Remittances, Salary products on smartBUSINESS?
16. Is there any change in the cut-off time on smartBUSINESS?
17. What will happen if the transaction has been released from smartBUSINESS post cut-off time?
18. Is IBAN mandatory from April 14th, 2012?