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Posted On: 12 June 2020 09:58 am
Updated On: 12 November 2020 02:07 pm

GCC Payment Systems Company launched to provide a safe cross-border payments facility

Khadiza Begum
Khadiza Begum
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GCC Payment Systems Company (GPC) has been established to provide a safe, efficient, and cost-effective cross-border payments facility while leveraging cutting edge technologies in accordance with international standards and best practices. GCC states have set up the company to facilitate direct money transfers among the members.

GPC will be responsible for managing and operating the GCC-RTGS system and for providing other related payment services to the banking industry in GCC. The GCC RTGS system is a platform designed to link all GCC local RTGS systems together to process and settle cross-border payments in the GCC region on a real-time basis.

GPC is owned and funded by the six central banks of the GCC countries. The new system is expected to further enhance the security and efficiency of cross-border payments across the region and significantly reduce transaction processing time and cost.

The new system will also contribute to the development of appropriate infrastructure facilitating the clearing and settlement of financial operations.

It will also strengthen the regional market and promote the integration of financial markets in the GCC countries.

The establishment of the GCC Payment Systems Company (GPC) follows the first meeting of the board, which was held recently, after completing the legal requirements for establishing the company and the issuance of its commercial record by the Ministry of Commerce in the Kingdom of Saudi Arabia, with its headquarters in Riyadh and its branch in Abu Dhabi, in the United Arab Emirates.

(Source: Qatar News Agency - QNA)