UAEFTS FAQs

UAEFTS stands for UAE Funds Transfer System. It is the new UAE Central Bank portal to be used for execution of all Inward and Outward AED payments within UAE.

The system automates the interface between bank and UAE Central Bank and functions as Real Time Gross Settlement System which enables processing of transactions and credit to the beneficiary faster than the current system.

As mandated by UAE Central Bank, remitter should provide the "TRANSACTION TYPE" along with the "PAYMENT TYPE" and "CHARGE CODE" as additional details. In the absence of these details Central Bank will reject transfer instructions. Transaction type identifies the nature of the payment and payment type is used to identify the payment reference/details.

• Supports online request thereby eliminating the requirement of paper based transactions.
• Effective for bulk processing of AED transactions within UAE
• The transactions are processed on real-time basis with the status mentioned at each stage.
• As part of View Transaction Details page, each transaction on smartBUSINESS will be displayed with the Central Bank reference which can be used as unique number for transaction investigation purposes.

UAE Central Bank has mandated the usage of following set of "TRANSACTION TYPE", one of which needs to be selected along with the related "PAYMENT TYPE" depending on the nature of your transfer:

Yes. If you are a smartBUSINESS payment customer using Beneficiary, Remittances, Salary product for processing local AED transactions in TT (Telegraphic Transfer) and OB (Other Bank) pay mode, please refer to the below FAQ.

Yes. While creating the transaction using one-off input, single input and Basket input for AED transactions within UAE, additional fields would be required to input which are "Transaction Type", "Payment Type" and "Charge Code". Please note that these fields are mandatory to input while creating the transaction. In case of these details not mentioned, smartBUSINESS will show the error message at the initiation stage.

Yes, you would need to change your template to include these fields. You can do so by selecting the option as "Both" once you have edited your template to include the additional details.

Yes, the payment file will need to have the below additional fields:

• Transaction Type
• Payment Type (corresponding to Transaction Type)
• Charge Code

Note: Payment Details will be mandatory. You can change the payment file format in due course. Please refer the points below for further clarifications.

Yes, smartBUSINESS will automatically default the values for transaction type, payment type, and the charge code as per the below table. This is applicable for both the pay modes Telegraphic Transfer (AED Only) and Other Bank (OB).

Please get in touch with our smartBUSINESS customer service team on +971 04 3160214 to change your file upload template and necessary guidance.

No, the payment file and the file upload template can be changed only after UAEFTS go live.

smartBUSINESS will not accept the transaction and will show the error message at the payment initiation stage .

Below are the charges codes:

• OUR - Where sender and beneficiary charges to be borne by Sender
• BEN - Where sender and beneficiary charges to be borne by Beneficiary
• SHA - Where the sender charges to be borne by the Sender and beneficiary charges to be borne by the Beneficiary.

Yes, please refer the below table. This is applicable for local AED transactions within UAE using TT and OB pay mode.

As the transactions will be on real time basis, the cut-off time has been extended up to 1:00 PM.

Your transaction will be processed on the next working day.

Yes, IBAN will be mandatory for all the AED transactions within UAE from April 14th, 2012 except for Credit Card payments. You are requested to provide the 23 digit beneficiary IBAN which starts with AE.