Global Arab Network | UAE - New law for real-time automated payments

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UAE - New law for real-time automated payments

Global Arab Network - - Maha Karim

Sunday, 09 August 2009 23:55

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Dubai International Financial Centre's (DIFC) new payment system settlement finality (PSSF) law. The law creates the legal foundation for building a regional transaction processing hub in the DIFC, that will provide payment and other ancillary services.

The new PSSF law paves the way for the launch of real-time automated payments (Rapid) in DIFC, a new service that will provide transaction processing services from within DIFC to banks and their customers, both in DIFC and in the wider Middle East and North Africa (Mena) region. However, the benefits of the law will not be restricted to Rapid and will be available for all payment systems designated under its conditions.

Dr Omar bin Sulaiman, Governor of DIFC, said: "The enactment of the PSSF Law forms part of a comprehensive infrastructure that DIFC is creating to catalyse the development of the financial services industry in the region. This is in accordance with the vision of Sheikh Mohammed to establish Dubai as a hub for global finance. Today, under the leadership of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, the centre will take further strides in creating a world-class legal and regulatory environment for the financial services industry."

In developing this law, DIFC has adopted legal best practices from Europe and Hong Kong among others, to ensure finality of designated payments.

Global Arab Network

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