The Central Bank of the United Arab Emirates (CBUAE) has reported that the UAE Fund Transfer System (UAEFTS) recorded a significant increase in interbank fund transfers during the first quarter of 2023. The total value of these transfers surpassed AED 3.89T, marking a year-on-year growth of 35.2% compared to the same period in 2022.
The statistics provided by the CBUAE highlighted that bank transfers accounted for AED 2.47T, while customer transfers amounted to AED 1.21T during the review period.
Notably, March emerged as the busiest month, witnessing AED 1.46T worth of dirham-denominated transfers, according to WAM.
Since its establishment in 2001, the UAEFTS has facilitated seamless fund transfers between banks and other financial institutions in the United Arab Emirates, utilizing their accounts held with the Central Bank. The CBUAE ensures the system’s effectiveness and adherence to standards by complying with both domestic and international regulations, as outlined in the Rules document.
About CBUAE
The CBUAE is the supervisory and regulatory authority for the banking and insurance sectors.
The CBUAE promotes financial and monetary stability, efficiency, and resilience in the financial system and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.
The Central Bank of the UAE promotes financial and monetary stability, efficiency and resilience in the financial system, while also working to protect consumers.
UAEFTS-Real Time Gross Settlement
The system has been operational since 2001. Starting with version 3, launched in 2012, the system has been enhanced periodically after consultation with the system’s Consultative Working Group comprising an identified set of the participating institutes.
The system facilitates fund transfers between banks and other financial institutions in the UAE via their accounts held with the Central Bank. Compliance with domestic and international standards, as well as the regulations detailed by CBUAE in the system’s Rules document, ensures the system’s efficiency and governance.
