Introduction of UAE Funds Transfer System (UAE FTS)

Details

On 14^th April 2012, the UAE Central Bank will launch a new Funds Transfer System for all AED fund transfers between banks within the UAE. To find out more about UAE FTS, and the action that you will need to take as a banking customer in the UAE, please review the following information:

1. What does the introduction of UAE FTS mean for me?

From 14th April 2012, you must provide a Transaction Type Code (TTC) for all fund transfer requests involving a bank in the UAE. Banks in the UAE require this information to be able to process payment instructions using the new system. Any fund transfer requests submitted without a TTC, or a valid IBAN (see Question 3 below), risk being rejected.

The UAE Central Bank has published a summary of the TTCs to be used for fund transfer requests; this information is provided in Question 8 (below) for your reference. Please note that different codes apply depending on whether you are a Personal, Premier or Premier Life Banking customer or a Corporate Banking customer.
Please note that salaries processed via the Wages Protection System (WPS) will not require TTC details.

2. What are the benefits of using UAE FTS?

Along with the recent introduction of International Bank Account Numbers (IBANs), the launch of UAE FTS is intended to make the processing of AED payments in the UAE more efficient and accurate.

With UAE FTS, it is anticipated that fund transfer requests will be processed on the same day that they are placed (subject to the internal systems of the beneficiary bank).

3. What information do I need to include on my fund transfer request in future?

You must include both a valid Transaction Type Codes (TTC) and a valid International Bank Account Number (IBAN). Failure to provide either of these may result in your payment instruction being rejected.

To avoid this inconvenience we encourage all customers to include TTCs and IBANs with all fund transfer requests from 14th April 2012. If you do not know your IBAN please visit: http://www.barclays.ae/iban-faq/ for more information.

4. Will the Transaction Type Codes (TTCs) be available in Online / Internet Banking for when I want to make a fund transfer request online?

Yes, TTC details will be available to select in Online / Internet banking from 13th April 2012.

5. Will the remittance form that I use to make a fund transfer request be amended to allow for Transaction Type Codes (TTCs) to be added?

No; the existing remittance form already contains a field for TTCs so no further changes are required.

6. I have standing orders / instructions set up; will I need to update these to include a Transaction Type Code (TTC)?

Yes; from 14th April 2012 any existing standing orders or instructions must be updated to include TTC details.

7. Will the cost of making fund transfers remain the same in UAE FTS?

Fees and charges for fund transfers are applied as per UAE Central Bank guidelines and are outlined in the Schedule of Charges (SOC) document. Any changes to fees and charges will be communicated via our website: www.barclays.ae

8. Where can I find a list of Transaction Type Codes (TTCs)?

Personal, Premier and Premier Life Banking customers

If you are a Personal, Premier or Premier Life Banking customer, the following TTCs are applicable for the transactions that you make:

Code	Description	REF required
CRP	Credit Card Payments: The code is to be used for making credit card payments	Any REF related to the transfer
CHC	Charitable Contributions: The code is to be used for making contributions to designated accounts held by charitable institutions	Any REF related to the transfer
REM	Remittance: The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above.	Any REF related to the transfer
CBP	Cross Border Payments	Any REF related to the transfer.
MIS	Miscellaneous Payment	Invoice No (INV) OR REF of Ordering Customer (ROC) or REF Of Beneficiary (ROB)

Corporate Banking customers

If you are a Corporate Banking customer, the following TTCs are applicable for the transactions that you make:

Code	Description	REF required
SAL	Salary: The code is to be used for making salary payments to employees.	Any REF related to the transfer
ALW	Allowances: The code is to be used for making payments to employees for allowances.	Any REF related to the transfer
BON	Bonus: The code is to be used for making bonus payments to employees.	Any REF related to the transfer
COM	Commission: The code is to be used for making commission payments to employees.	Any REF related to the transfer
COP	Compensation: The code is to be used for making payments to employees for compensation.	Any REF related to the transfer
EOS	End of Service: The code is to be used for making payments to employees for their end of service benefits.	Any REF related to the transfer
LAS	Leave Salary: The code is to be used for making leave salary payments to employees.	Any REF related to the transfer
OVT	Overtime: The code is to be used for making payments to employees for overtime.	Any REF related to the transfer
TKT	Tickets: The code is to be used for making payments to employees for tickets.	Any REF related to the transfer
ACM	Agency Commission: The code is to be used for making payments to other companies for agency commissions.	Any REF related to the transfer
CCP	Corporate Card Payment: The code is to be used for making payments to cards held in the name of the company.	Any REF related to the transfer
CRP	Credit Card Payments: The code is to be used for making credit card payments.	Any REF related to the transfer
CHC	Charitable Contributions: The code is to be used for making contributions to designated accounts held by charitable institutions.	Any REF related to the transfer
REM	Remittance: The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above.	Any REF related to the transfer
CBP	Cross Border Payments	Any REF related to the transfer
POS	POS merchant settlement	Any REF related to the transfer
MIS	Miscellaneous payment	Invoice No (INV) OR REF of Ordering Customer (ROC) or REF Of Beneficiary (ROB)

9. Will there be any changes to cut-off time for processing funds transfer requests?

All payment instructions received by the ‘cut-off’ times detailed below will be processed on the same business day.

Type of instruction	Cut-Off Time
Paper based, i.e. instruction submitted in Branch or sent via fax	9.30am
Online, i.e. instruction submitted via Online or Internet Banking.	10.00am

If you have any further questions about UAE FTS please contact us.