FAQ on the UAE Funds Transfer System (FTS)

Transcription

1 FAQ on the UAE Funds Transfer System (FTS) What is UAEFTS? The UAEFTS is the UAE based funds transfer mechanism, for moving funds from one Bank to another through the UAE Central Bank System. Why has the UAEFTS been introduced? The UAEFTS UAE Funds Transfer System (UAEFTS) has been in existence since ; The UAEFTS is the country s Real Time Gross Settlement System (RTGS); The Central Bank has made many enhancements to this system and has recently implemented a completely new version - UAEFTS 3.0. Key features include: o o o o Settlement of AED payments in real time; Transaction status to all parties; Same value date credit to the beneficiary; Ensures payment finality. When did UAEFTS V3.0 come into effect? The UAE Central Bank regulation has been effective since 14 April 2012, whereby all banks in the UAE are required to accept and process AED payment instructions through UAEFTS. In order to comply with the UAE Central Bank regulations, all banks in the UAE have been mandated to use the UAEFTS for all UAE dirham (AED) transfers. This system will require banks in the UAE to switch from SWIFT financial messages to a file based settlement system. Is it possible for banks in the UAE to send/receive AED payments via SWIFT messages from UAE banks? With the implementation of FTS, the use of SWIFT messages will be discontinued for AED payments between banks licensed by UAE Central Bank. However, use of SWIFT messages will continue for other currency payments. Is there a limit on the amount that can be transferred using the UAEFTS? There is no limit on the amount of funds that can be transferred using the UAEFTS. What do I need to do next? Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code and Conditional Formatting text (listed on the following tables) to allow banks to accept and process payment instructions. Any payment instruction submitted to The Royal Bank of Scotland Plc without a valid Transaction Type Code and/or Conditional Formatting text may be delayed OR rejected.

2 Transaction Type Conditional Formatting Input Description of Transaction Type MIS /INV/ (1) /INV/ followed by Invoice details OR /ROC/ (2) /ROC/ followed by the ordering customer reference number (e.g.) a particular reference number provided to the beneficiary in order to identify a specific payment. OR /RBC/ (3) /RBC/ followed by beneficiary customer reference (e.g.) details communicated to the remitter by the beneficiary which are to be included in the payment details. (1) - /INV/ - stands for INVOICE (2) - /ROC/ - stands for Reference Ordering Customer (3) - /RBC/ - RBC stands for Reference Beneficiary Customer Transaction Type Conditional Formatting Input Description of Transaction Type CBP Cross Border Payments - Non-UAE Account Holders only CRP Credit Card Payments CHC Charitable Contributions REM Remittance ALW Allowances BON Bonus COM Commission COP Compensation EOS End of Service LAS Leave Salary OVT Overtime SAL Salary TKT Tickets ACM Agency Commission CCP /REF/ Corporate Card Payment STO Standing Order POS POS Merchant Settlement Banks Only MCR Monetary Claim Reimbursements SAA Salary Advance PIN Personal Investments Individuals Only CIN Commercial Investments EMI Equated Monthly Instalments LNC Loan Charges

3 FAM Family Support Individuals Only EDU Educational Support RNT Rent Payments UTL Utility Bill Payments AES Advance payment against EOS DCP Debit Card Payments Individuals Only LND * Loan Disbursements LIP * Loan Interest Payments IPO * IPO Subscriptions POR * Refunds/Reversals on IPO Subscriptions DIV * Dividend Payouts PEN Pension (1) & Pension Adjustments (2) * Effective 28 th March 2015 (1) Effective 21 st February 2015 (2) Effective 21 st March 2015 Payment instructions using the new Transaction Type Codes should be submitted as manual / paperbased payment requests only, until further advice is provided by RBS. For Pension Contribution payments, additional information is required in line with the Central Bank of the UAE. You will find details of these requirements in the attached annexure. Please note the UAE Central Bank reserves the right to change these codes. RBS will advise its customers of future changes. What happens if I do not provide the required details? In the case that these details are not provided, the processing of outward payments from the account is likely to be delayed or rejected. Additional processing charges may also be incurred as prescribed by the UAE Central Bank. Where do I input the required information on a manual payment instruction? The transaction type must be manually entered in the specific field while submitting the payment request. The new Transfer Request Form with all the transaction type codes will be available at our branches. Am I required to incorporate any changes to my transfer instructions sent on my letter head/an instruction other than the standard RBS Remittance form? You must provide the Transaction Type Code and Conditional Formatting Input Code for all payment instructions provided either on a company letter head or RBS remittance form. Our Standard Remittance Request Forms have been revised to meet these guidelines. They will be available at our branches from 14 April, Will any charges be applied to my account? Standard charges for fund transfers apply as per the Central Bank of the UAE guidelines. Are there changes in Outgoing transfer processing fees for FTS transactions? Salary Payments: All salary payments sent through electronic channels will be charged with AED 10/-. Salary payments sent to us as paper instructions will be treated as standard remittances and attract Standard Remittance Charges. These charges are applicable per each remittance and identified when Transaction Type Codeword SAL is used.

4 Charity Payments: RBS will offer these payments free of charge both for BEN / SHA and OUR payment types. These payments are identified by Transaction Type Code CHC. Other Payments: With the exception of the above mentioned payment categories, the current charge structure applies to all other payment types (Transaction Type Codes, refer to tables above). Correspondent Bank Charges: All payments with Charge Code OUR will be charged AED 25/- except for the Salary and Employee Benefit payments. The Salary and Employee Benefit payments are exempt from Correspondent bank charges as per UAE Central Bank guidelines. Is there a change in Receiving Bank Charges for FTS transactions from UAE Banks? Charity Payments: RBS will offer the processing of charity payments free of charge irrespective of Charge Codes BEN, SHA and OUR. These payments will be identified by Transaction Type Code CHC on incoming payment instructions. Corporate Credit Card Payments: RBS will offer processing of credit card payments free of charge irrespective of charge codes BEN, SHA and OUR. These payments will be identified by Transaction Type Code CCP on incoming payment instructions. Other Payments: With the exception of the above mentioned payment categories the current charge structure applies to all other payment types (Transaction Type Codes, refer to tables above). When can the beneficiary expect to get the credit to his Bank account? On the same day, subject to payments being received within the cut-off times and all other internal bank guidelines being met. Is there a change to the cut-off timings for AED payments? There is no change in the AED currency cut-off times. For electronic payment it is 15:00 hrs UAE time and for manually initiated payments the cut-off will be 13:30 hrs UAE time. Will RBS still provide a SWIFT copy for forwarding to the beneficiary? RBS will be able to provide the FTS reference number to a client on request. Is there a change in channels for AED payments? As of now, there is no change in the method (i.e. on Access Online and Access Direct). Are there any changes made to the existing payment template used on Access Online? Currently, there are no changes to the templates on Access Online. While providing information on details of payment (remittance information), the field has to be prefixed with the Transaction Type Code and Conditional Formatting Input Code provided on the above tables. How do you insert the Transaction Type code in Access Online? In Access Online, when you select the payable currency as AED, you must prefix the Transaction Type Code with Details of the Payment information, until further notice. The Details of Payment Line 1 field has a maximum 35 ALPHANUMERIC (AN) characters and should be formatted as follows: The Transaction Type Code must be included in the first line of the Details of Payment field, followed by the remittance information. The first line is to be populated with: XXX YYY. In the event XXX is the Transaction Type Code, followed by one space and YYY which denotes the code for Details of Payment (Conditional Formatting Input Code, refer tables on page 3 of Addendum) and followed by one space. After which, a maximum of 27 AN characters ZZZZZZZZZZZZZZZZZZZZZZZZZZZ in free format text providing the Payment Reference / Description.

5 Line-1 Format XXX YYY ZZZZZZZZZZZZZZZZZZZZZZZZZZZ : XXX YYY ZZZZZZZZZZZZZZZZZZZZZZZZZZZ = Transaction Type Code, = Details of Payment (Conditional Formatting Input Code), and = Customer Reference / Description An example of this is shown below : Example: If Client A wishes to include Transaction Type code MIS in AOL, then Details of Payment Line 1 instruction should look like following example; Field to be used: Remittance Information: Details of Payment Line-1 for the above example: MIS INV invoice detail ref The following file formats are applicable for Access Online and will support the transaction type codes and payment details. Access Online Upload file formats Transaction Type Remittance Information Access Online Fixed File Length File V1.0 Field 53 Field 53 BankStation International VDB and Interest Compensation File v1.0 (TAB Separated) Field x..140 Field x..140 XML Credit Transfer REMT_MES_NAME_CD REMT_MES_NAME_CD BSI VDB format Field x..140 Field x..140 SAP/Global BankStation V1.03 (Fixed File Length) Field 400 Field 400 Please note, in the file format XML credit transfer, the field to be used is named Remittance Details. If I use file import to upload AED transactions to Access Direct from my Accounting Software/ERP, which position in the file specification should be used to capture the Transaction Type code? Your Accounting software / ERP should be updated with all Transaction Type Codes. Changes have been made to the Access Direct channel to enable these new Transaction Type Codes. For Clients who use Access Direct, the following fields should be used to complete the Transaction Type Codes. The table below details which field should be used for each payment format. There is no change to the field currently used to complete the remittance information however; this must be provided in the correct format as indicated in the Codeword table. Access Direct Upload File Format PEXR2002 PAYMUL 96A and 99A PAIN PAIN Field for Transaction Type Codeword -BUSFUN segment in E2IDKU2 -PAIKON segment in E2IDKU3 -On Batch and Transaction level BUS segment, 4025, Business Function Coded -On Transaction level, PAI segment 4439, Payment Conditions Coded -Payment Information > Payment Type Information > Category Purpose or Purpose tag. -Payment Information > Payment Type Information > Category Purpose or Purpose tag

6 For the ISO20022 XML formats the specific codes in the below table must be provided in the category purpose code or purpose code tags. Please note that only ISO20022 XML version 3 has a Category Purpose - Proprietary field. For ISO20022 XML version 2, the codes must be provided in the Purpose - Proprietary field. UAE code Field Category purpose code Category purpose proprietary Purpose code CBP Cross Border Payments - CBP - CBP CRP Credit Card Payment CCRD CRP CCRD CRP CHC Charitable Contributions - CHC CHAR CHC REM Remittance - REM - REM ALW Allowances - ALW - ALW BON Bonus - BON BONU BON COM Commission - COM COMM COM COP Compensation - COP BEXP COP EOS End of Service - EOS - EOS LAS Leave salary - LAS - LAS OVT Overtime - OVT - OVT SAL Salary SALA SAL SALA SAL TKT Tickets - TKT GDSV TKT ACM Agency commission - ACM - ACM CCP Corporate card payment - CCP - CCP MIS Miscellaneous OTHR MIS OTHR MIS STO Standing Order - STO - STO POS POS Merchant Settlement - POS - POS MCR Monetary claim reimbursements - MCR - MCR SAA Salary Advance - SAA - SAA PIN Personal Investments - PIN - PIN CIN Commercial Investments - CIN - CIN EMI Equated Monthly Installments - EMI RINP EMI LNC Loan Charges - LNC INTE LNC FAM Family Support - FAM BECH FAM EDU Educational Support - EDU - EDU RNT Rent Payments - RNT RENT RNT UTL Utility bill payments - UTL ELEC UTL PEN Pension PENS PEN PENS PEN AES Advance payment against EOS - AES ADVA AES DCP Debit card payments DCRD DCP DCRD DCP Purpose proprietary

7 Access Direct Client For the flat file upload through the Access Direct, Client should use the below fields to supply the Transaction Type Code and payment details. Field Flat file position Transaction type code on batch level Transaction type code on transaction level Remittance details Remittance details Remittance details Remittance details Note for staff salary and benefit payment changes All salary and employee benefit payments (being bonus, leave, salary, ticket, overtime, allowance, commission, end of service, compensation, salary advance and salary) need to be sent as separate payments with the appropriate code words to indicate the purpose of the payment. Contact us If you have questions or require clarifications on UAEFTS, you can contact us at: Corporate Clients : [email protected] From within UAE : (Toll Free) Outside UAE :

8 Annexure: Formatting and information requirements for Pension payments for both normal and adjustment scenarios. Standard Payment 1. EIDA number of the Employee should be entered, along with the beneficiary account details, in the Transfer Application Form. 2. Transaction type PEN 3. Information should be entered in the payment fields as per the below: Formatting Description /REF/GPSSA /REF/GPSSA /MMYYYY Month and year to be populated with / /EMPLOYEE ID The Employee ID of the UAE National to be populated with / /EMPLOYER ID The Employer Id as provided by GPSSA to be populated with / /S /R = PRIVATE (OR) /U = PUBLIC /B= /B= Basic Amount Left Zero Padded Basic Amount as /H= /H= Housing Allowance Left Zero Padded Housing Allowance Amount as /S= /S= Social Allowance Left Zero Padded Social Allowance Amount as /C= /C= Child Allowance Left Zero Padded Child Allowance Amount as /L= /L= Cost of Living Allowance Left Zero Padded Cost of Living Allowance Amount as /O= Other/Supplementary Allowance /T= Total Monthly Salary inclusive of all allowances not specifically classified /O= Left Zero Padded Other / Supplementary Allowance Amount as /T= Left Zero Padded TOTAL Amount as Shall be either EQUAL TO (or) GREATER THAN The sum total of the amounts as reported against Basic Amount, Housing Allowance, Social Allowance, Child Allowance, Cost of Living Allowance & Other/Supplementary Allowance.

9 Example: Pension for the month: November 2014 Employee ID: Employer ID: AE Description Amount Amount To be captured as Basic Amount 50, Housing Allowance 1, Social Allowance Child Allowance 2, Cost of Living Allowance 1, Other/Supplementary Allowance Total Monthly Salary inclusive of all allowances not specifically classified , /REF/GPSSA/112014/ /AE /T/B= /H= /S= /C= /L= /O= /T= Pension Adjustment Payment 1. EIDA number of the Employee should be entered, along with the beneficiary account details, in the Transfer Application Form. 2. Transaction type PEN 3. Information in the details of payment field as below Formatting Description /REF/ADJST /REF/ADJST /MMYYYY Month and year to be populated with / (This month and year shall be validated to be the month and year for the value date of the transaction) /EMPLOYEE ID The Employee ID of the UAE National to be populated with / /EMPLOYER ID The Employer Id as provided by GPSSA to be populated with / /S /R = PRIVATE (OR) /U = PUBLIC /B= /B=

10 Basic Amount Left Zero Padded NEW Basic Amount as /H= /H= Housing Allowance Left Zero Padded NEW Housing Allowance Amount as /S= /S= Social Allowance Left Zero Padded NEW Social Allowance Amount as /C= /C= Child Allowance Left Zero Padded NEW Child Allowance Amount as /L= /L= Cost of Living Allowance Left Zero Padded NEW Cost of Living Allowance Amount as /O= Other/Supplementary Allowance /T= Total Monthly Salary inclusive of all allowances not specifically classified /O= Left Zero Padded NEW Other / Supplementary Allowance Amount as /T= Left Zero Padded TOTAL Amount as Shall be either EQUAL TO (or) GREATER THAN The sum total of the amounts as reported against NEW Basic Amount, NEW Housing Allowance, NEW Social Allowance, NEW Child Allowance, NEW Cost of Living Allowance & NEW Other /Supplementary Allowance. Example: Pension Adjustment for the month: November 2014 Employee ID: Employer ID: AE Description Amount Amount To be captured as Basic Amount 55, Housing Allowance 2, Social Allowance Child Allowance 2, Cost of Living Allowance 1, Other/Supplementary Allowance Total Monthly Salary inclusive of all allowances not specifically classified ,

11 /REF/ADJST/112014/ /AE /T/B= /H= /S= /C= /L= /O= /T= Additional Information to be provided for Pension Adjustments: /E= /C= /B=DDMMYY/H=DDMMYY/S=DDMMYY/C=DDMMYY/L=DDMMYY/O=DD MMYY/HP=000DDMMYY/ZP=000DDMMYY/LT=000DDMMYY/SL=000DDMMYY/UA=000DDMMYY/ST= 000DDMMYY/LP= /E= Employee Contribution Left Zero Padded Employee Contribution Amount as /C= Employer Contribution Left Zero Padded Employer Contribution Amount as New Basic Effective Date New Housing Effective Date New Social Allowance Effective Date New Child Allowance Effective Date New Cost of Living Allowance Effective Date /B= The effective date of the revised (NEW) Basic Amount as DDMMYY /H= The effective date of the revised (NEW) Housing Allowance Amount as DDMMYY /S= The effective date of the revised (NEW) Social Allowance Amount as DDMMYY /C= The effective date of the revised (NEW) Child Allowance Amount as DDMMYY /L= The effective date of the revised (NEW) Cost of Living Allowance Amount as DDMMYY /O= New Other Allowances Effective Date Sick Leave Half Pay Sick Leave Zero Pay The effective date of the revised (NEW) Other Allowances Amount as DDMMYY /HP= 000DDMMYY 000 -> Number of days right aligned and zero padded DDMMYY-> Date from which leave was availed from. /ZP= 000DDMMYY 000 -> Number of days right aligned and zero padded DDMMYY -> Date from which leave was availed from.

12 Unpaid Leave Long Term Unpaid Study Leave Unauthorized Leave Unpaid Leave Short Term /LT= 000DDMMYY 000 -> Number of days right aligned and zero padded DDMMYY -> Date from which leave was availed from. /SL= 000DDMMYY 000 -> Number of days right aligned and zero padded DDMMYY -> Date from which leave was availed from. /UA= 000DDMMYY 000 -> Number of days right aligned and zero Padded /ST= 000DDMMYY 000 -> Number of days right aligned and zero padded DDMMYY -> Date from which leave was availed from. /LP= Unpaid leave payment Left Zero Padded Unpaid Leave Payment Amount as