Simple and easy domestic payments
Seamless posting of entries to Core Banking System (CBS)
Supports all types of local transfer messages
Real-time integration with a bank’s AML system
Multiple integration mechanisms with various CBS
Complete automation for inward payment cycles
Automatic file transfer to and from CBUAE
Conversion of standard SWIFT messages into the proprietary message format mandated by the Central Bank, enabling minimal changes in CBS
The UAE Funds Transfer System (UAEFTS) hosted by the Central Bank of the UAE has been operational since 2001. The Electronic Fund Transfer Solution facilitates the transfer of funds between banks and other financial institutions in the UAE as well as Local Fund Transfer UAE via their accounts held with the Central Bank. The objective is to offer a funds transfer system for banks that enables entities of all sizes to participate, irrespective of their size or nature of business.
In Fund Transfer System UAE, the Processing and final settlement of transfer instructions take place incessantly, in real time. Once a transfer request is processed, the funds transfer solution sends a message to all participants affected by the transfer.
The UAEFTS offers full straight through processing (STP) of payment requests by allowing processing of given message formats by means of Secure File Transfer Protocol (SFTP). Moreover, to this UAEFTS also permits messages to be keyed-in by means of a web-browser interface named the UAEFTS Transactions & Enquiry Portal. The Electronic Fund Transfer Solution functions as Real Time Gross Settlement System allowing the implementation of transactions much quicker than the present system. Central Bank of UAE FTS supports online request, removes paper-based transactions and is operative for bulk processing of Local Fund Transfer UAE.
Unity’s FTS Pro has a unique capability to differentiate foreign transfer messages from local transfer messages, the domestic transaction messages would be taken into the funds transfer systems for banks for further processing and the foreign transaction messages would be routed back to the associated SWIFT system, automatically. The intelligence of this critical Electronic Fund Transfer Solution in seamlessly interfacing with multiple systems has revolutionized the concept of Central Bank of UAE FTS. With an extraordinary 22 implementations, Unity has come out as the most trusted FTS partner for banks & NBFCs in UAE.