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Funds Transfer System

Aligning with Funds Transfer System

The UAE Funds Transfer System (UAEFTS) is a unique initiative of Central Bank of UAE, to streamline AED fund transfers between various banks and financial institutions, within the region.

Ascent AutoRecon© is a fund transfer reconciliation software that complies with the Central Bank’s Regulations and helps in settlement of AED payments in real-time available in UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia.

The banking reconciliation software seamlessly integrates with upstream and downstream systems of all the banks in UAE and is aligned with the features of UAEFTS.

UAE Fund Transfer System

FTS is a Real Time Gross Settlement (RTGS) system and makes the process of AED transfers, faster and accurate.

It provides comprehensive Straight Through Processing (STP) of payment requests using Secure File Transfer Protocol (SFTP).

Today, FTS processes around 1.2 million customer credit transfers and 3,500 institutional credit transfers monthly. And, it is mandatory for every bank in UAE to incorporate FTS transaction code in their AED transfers.

Qatar Payment System (QPS):

Qatar Payment System (QPS) is a State-of- the-Art INTERBANK PAYMENTS AND SETTLEMENT SYSTEM. The QPS system is designed on the concept of REAL-TIME GROSS SETTLEMENT (RTGS) and Electronic Straight Through Processing (e-STP). QPS is based on the S.W.I.F.T Network and Messages Standards and utilizes the SWIFT messages to reconcile and settle the Local Payments and Securities Ownership Transfers.

QPS is linked to the Qatar Central Bank (QCB) Clearing System, Book-Entry Government Securities System, and Currency Issuing Application. All applications are driven by Swift Messages such as (MT202, MT203)

Ascent’s electronic fund transfer reconciliation softwares simplify the existing systems of banks and supports in this smoother transition for UAE , Qatar, Oman, and other GCC switch central bank systems.