eCash, Credit Cards, Direct Debit, pay any way you like using your online wallet. In compliance with regulatory requirements, all Banks in the UAE have been mandated to use the UAE FTS for all UAE Dirham (AED) transfers. According to the UAE central bank and the online comparison site compareit4me figures, around 75% of the economy is cash based; furthermore, 85% of residents prefer cash-on-delivery over credit card payments. Cheques deposited at the teller counters at any bank-branch by 10am get cleared at 5pm the same day. FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE’s Central Bank system. Ministry of Climate Change and Environment . Applicant must obtain the necessary licenses from the Central Bank of the U.A.E. The following bank … Get Payment Gateway solutions with Simple Pricing, No Surprises! The ICCS Cheque Archive is available to all banks, providing access to the images of cheques cleared via ICCS. 6.2 The Terms and Conditions and any obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the UAE. Merchant Discount Rate (MDR): The commission charged by the acquirer (RAKBANK) to the Merchant (Trader/Service Provider). One touch payment to make online payments with a single click! Certified PCI DSS Level 1. In addition, it shall not be also legally liable for any damage that may be caused to you or any person as a result of violation of privacy regarding information that might be transferred to the website. Sign “UAEFTS Participant Undertaking” document in an official letterhead of the participant and must be submitted to the CBUAE’s Banking Operations Department (supplied only after achieving the above criteria). An acquiring bank is one that has permission to accept and process credit cards. Obtain UAEPGS Application Access Rights and complete successfully the CBUAE Application Certification Process. In the UAE only three banks have been authorised by the UAE Central Bank … CBUAE is the Clearing House for all cheques, acting as the intermediary for all data and image flow between the collecting and paying bank. Using the Website by any means for sending an e-mail, anything of it or on its behalf, by referring to it, or assuming the identity of its name involving offence or libel of Central Bank of The UAE, Website or any person whomsoever, announcing any untrue news or information and ascribing it to Central Bank of the UAE unlawfully. UAE is a global business hub, and many business owners operate their business with high profits in this growth-oriented nation. 5.4 Central Bank of The UAE may take the appropriate measures to protect the Website against any loss, abuse or change of information available on the Website, in which case the Central Bank shall not be liable for any damage caused to the user or any other person as a result of disclosure of confidential information shared through the Website. Around 70% of the UAE’s population use credit cards for their regular payments. 8 on Value Added Tax. @cb-uae.ae,cbuae-ae.com). Record entities in an industry standard data base for future reporting and maintenance. Individuals providing information can be assured that information received will be evaluated and acted upon as necessary. 6.3 Any dispute arising out of or in connection with the Terms and Conditions shall be subject to the jurisdiction of the competent courts in the UAE. Copyright © 2020 ADCB. Adhere to the rules, roles, and responsibilities articulated in “ICCS Rule Book” document (supplied only after achieving the above criteria). Ministry of Finance. Commercial Bank of Dubai commemorates its partnership with SWIFT to adopt the SWIFT Global Payments Innovation service Commercial Bank of Dubai, one of the leading banks in the UAE, has commemorated its partnership with SWIFT to adopt the SWIFT Global Payments Innovation (gpi) service, which will make cross border payments faster and easier for its wholesale banking customers. Adhere to the rules, roles, and responsibilities articulated in “UAEPGS Rule Book” document (supplied only after achieving the above criteria). E-Commerce - Credit Card Payment Gateway Securely accepting payments made on the web or on mobile browsers, without handling payment data using MasterCard or VISA Enabled Cards issued from any bank. Your details will be held in confidence to the fullest extent practical or allowed by law. 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