What are FTS in UAE?

Fatima Kashif
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7.1K Views
Aug 15, 2021

FTS, or Funds Transfer Systems, is the board solution for all asset transfer requirements of UAE banks, NBFCs, and trading houses, according to all criteria established by the Central Bank of UAE. There is still some uncertainty concerning the Funds Transfer System in the UAE, but don't worry.

Following are some of the most frequently asked questions about FTS. Intrigued to find the answer to all your queries? Keep reading

1. What is FTS?

FTS (Funds Transfer System) is the assets move arrangement that further develops installment and returns preparing for all electronic installments inside UAE. The knowledge of this basic framework in flawlessly interfacing with different frameworks has reformed the idea of UAE FTS. With an unprecedented 22 executions, Unity has come out as the most believed FTS accomplice for banks and NBFCs in UAE.

This Electronic Fund Transfer Solution is one of a kind that it works with the network between banks utilizing Central bank simpler to make simple homegrown exchanges. This application can be effortlessly incorporated with the bank's current center framework and offers tweaked interfacing with assorted and inheritance banking frameworks.

FTS is also known for its extraordinary capacity to separate unfamiliar exchange messages from nearby exchange messages, the homegrown exchange messages would be taken into the framework for additional handling and the unfamiliar exchange messages would be directed back to the related SWIFT framework, naturally.

2. Are all Bank offices in the country some portion of the Funds Transfer organization?

Answer: Yes. In consistence with administrative prerequisites, all Banks in UAE have been ordered to utilize the UAE FTS for all AED.

3. Is it workable for Banks in UAE to send installments/get AED installments through SWIFT messages from UAE Banks?

Answer: For all AED payments between UAE banks, the use of SWIFT messages such as the MT103, MT202, and so on will be eliminated with the adoption of FTS. The same message types will be used in the future for additional sorts of payments.

4. Is there any cut-off on the sum that could be moved utilizing FTS?

Answer: No. There is no restriction on the measure of assets that could be moved utilizing FTS.

5. For AED cash installments with the mandatory transactions Type code, how may a customer physically provide marked instructions?

Answer: The new Transfer demand structure with all transaction type codes and Payment Details codes will be accessible at all of Citibank, N.A. UAE branches.

6. Am I needed to join any progressions to my exchange instructions sent on my letterhead?

Answer: Yes. Customers need to give the Transaction Type code and Payment Details Code for every installment on the organization’s letterhead

7. Are there changes in active exchange handling charges for FTS transactions?

Answer: Yes, there is an adjustment of charges, AED 25 for approaching and active exchanges.

8. Are there changes in reporter Bank expenses for FTS transactions from UAE Banks?

Answer: AED 25 will be charged for installments with the charge code 'OUR' once FTS goes online, according to the Central Bank of the United Arab Emirates.

9. When is the deadline for FTS AED installments?

Answer: Citibank UAE has not changed its AED money cut-off time, which is 11:00 AM for electronic installments and 10:00 AM for physically begun installments.

In conclusion, it is safe to say that FTS has made the money transfer system easier and more accessible to the consumers with convenient transactions to be done within UAE and all around the world. Moreover, See the world through a different lens of web designing and digital marketing today with the best award-winning company, The Watch Tower Dubai.