FAQ on UAE Funds Transfer System (FTS)

Queson 1: What is FTS?

Answer: FTS stands for Funds Transfer System. FTS is a funds transfer mechanism in the UAE wherein transfer of money
takes place from one Bank to another through the UAEs Central Bank system. In compliance with regulatory requirements, all
Banks in the UAE have been mandated to use the UAE FTS for all UAE Dirham (AED) transfers. This system will require Banks
in the UAE to switch from SWIFT nancial messages to a le based selement system, allowing for more ecient
processing of AED payments.

Queson 2: Are all Bank branches in the country part of the Funds Transfer network?
Answer: Yes. In compliance with regulatory requirements, all Banks in UAE have been mandated to use the UAE FTS for all
AED transfers.

Queson 3: Is it possible for Banks in UAE to send payment/receive AED payments via SWIFT message from UAE Banks?
Answer: No. With the implementaon of FTS, usage of SWIFT messages such as MT103, MT202, etc will be disconnued for
all AED payments between UAE Banks. However these message types will connue for other currency payments.

Queson 4: Is there any limit on the amount that could be transferred using FTS?
Answer: No. There is no limit on the amount of funds that could be transferred using FTS.

Queson 5: How can a Client send signed instrucons manually for AED currency payments with the mandatory Transacon
Type code?
Answer: The new Transfer request form with all Transacon Type codes and Payment Details codes will be available at all of
Cibank, N.A. UAE branches.

Queson 6: Am I required to incorporate any changes to my transfer instrucons sent on my leer head?
Answer: Yes. Clients have to provide the Transacon Type code and Payment Details Code for each payment on company
leer head.

Queson 7: Are there changes in outgoing transfer processing fees for FTS Transacons?
Answer: Yes, there is a change in charges, AED 25 for incoming and outgoing transfers.

Queson 8: Are there changes in correspondent Bank fees for FTS Transacons from UAE Banks?
Answer: Once FTS goes live, Central Bank has mandated that the correspondent Bank fees from any UAE Bank for payments
with charge code OUR will be AED 25 only.

Queson 9: What is the cut-o me for FTS AED payments?

Answer: There is no change in AED currency cut-o mes for Cibank UAE; that is for electronic payment 11:00 AM and for
manually iniated payments the cuto will be 10:00AM.

Queson 10: Who at Ci should be contacted in case of non-credit or delay in credit to the beneciary account?

Answer: Client may contact the below listed Client Service Representaves in Cibank UAE for queries:

Contact your Relaonship Manager

Contact our Call Center at +971 4 311 4000
Visit your nearest Cibank branch
Email us at uaeservice@ci.com

Queson 11: Since there will be no SWIFT copy that can forwarded to the beneciary for follow up with their Bank, what
proof can Ci provide on payment conrmaon?
Answer: Ci will be able to provide the acknowledgement le name received from the regulators.

Queson 12: Can remiances in AED currency be sent abroad using FTS?
Answer: Yes. The Remier has to provide the AED Correspondent Bank details to remit the funds.

Question13:WouldtheremitterBankreceiveanacknowledgementoncethefundsaretransferredtotheaccountofthe
beneficiaryBank?
Answer:No,onceafileissenttotheregulator,theremittingbankwillreceiveanacknowledgmentoranegative
acknowledgement.ThismeanthatthefilehasbeenacceptedandwillbepassedontotheBeneficiaryBankonlyifthereare
sufficientfundsinourCentralBankAccount.

Question14:WhatarethebenefitswithintroductionofFTS?
FasterprocessingthroughRTGS(RealtimeGrossSettlement)
ReductioninliftingCharges(25.00AEDforUAEDirhamPaymentsforpaymentwithchargecodeOUR)
EnhancedvisibilitythroughtheFTSQueryModuleprovidedbyCentralBankwithPaymentStatus(ACK/NAK)forBanks.
SamedaycredittobeprovidedbyallBanks.
CreditsbasedonIBAN

Question15:WhatareTransactionTypecodesandDetailsofPaymentsCodesandhowmanyareavailable?
Answer:ThetablebelowhasallthecodesforbothTransactionTypeandDetailofPayment.

CODE Description UsageRestriction

SAL Salary OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingsalary CORPORATES.
paymentstoemployees.

ALW Allowances OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
employeesforallowances.

BON Bonus OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingbonus CORPORATES.
paymentstoemployees.

COM Commission OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingcommission CORPORATES.
paymentstoemployees.

COP Compensation OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
employeesforcompensation.

EOS EndofService OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
employeesfortheirendofservicebenefits.

LAS LeaveSalary OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingleavesalary CORPORATES.
paymentstoemployees.

OVT Overtime OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto
 employeesforovertime CORPORATES.

TKT Tickets OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
employeesfortickets

ACM AgencyCommission OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
othercompaniesforagencycommissions

CCP CorporateCardPayment OnlytobeusedbyNONRETAILaccount

holders(nonIndividuals),suchasSME,
Thecodeistobeusedformakingpaymentsto CORPORATES.
cardsheldinthenameofthecompany.

CRP CreditCardPayments OnlytobeusedRETAILaccountholders

(Individuals)
Thecodeistobeusedformakingcreditcard
payments

CHC CharitableContributions CanbeusedbyalltypesofCustomers.

Thecodeistobeusedformakingcontributionsto
designatedaccountsheldbycharitable
institutions

REM Remittance CanbeusedbyalltypesofCustomers.

Thecodeistobeusedformakinganypayments
toindividualsornonindividualsaccountsforany
paymentsthatcannotbeclassifiedinanyofthe
codesdescribedabove.

CBP CrossBorderPayments CanbeusedbyalltypesofCustomers.

INV MiscellaneousPaymentwithInvoiceDetails CanbeusedbyalltypesofCustomers.

ROB MiscellaneousPaymentwithBeneficiary CanbeusedbyalltypesofCustomers.

CustomerReference

ROC MiscellaneousPaymentwithOrderingCustomer CanbeusedbyalltypesofCustomers.

Reference

Question16:IstherealinkbetweentheTransactionTypecodesandDetailsofPaymentsCodes?
Answer:Yes.TransactionTypecodeisintroducedbytheregulatortocapturetheunderlyingnatureofthetransactionfor
regulatorypurposes.ThevaluecapturedinthisfieldhasanimpactonthePaymentDetailsCode.