The Central Bank of Bahrain introduces AFAQ (GCC RTGS) System
August 14, 2021
Manama,
Kingdom of Bahrain
14 August 2021
As part of the ongoing efforts towards developing the cross-border payment systems in the Kingdom of Bahrain and adopting the latest technologies into retail payment systems, the Central Bank of Bahrain (CBB), along with the Saudi Central Bank (SAMA), joined the Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) that was launched on the 10th of December 2020. The system is operated by the Gulf Payment Company (GPC) in Riyadh, which was established based on the decisions made by the Supreme Council of the Gulf Cooperation Council (GCC) to build and operate the GCC Real Time Gross Settlement system (RTGS). The company is owned and managed by the National Central Banks of the six GCC countries (United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, Qatar, and Kuwait).
Official press release: https://www.cbb.gov.bh/media-center/the-central-bank-of-bahrain-introduces-afaq-gcc-rtgs-system/
