Business | Banking

Shaikh Mohammad enacts law on DIFC's payment system settlement

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Dubai International Financial Centre’s (DIFC) new Payment System Settlement Finality (PSSF) law that creates the legal foundation for building a regional transaction processing hub in DIFC that will provide payment systems and other ancillary services.

  • WAM
  • Published: 13:11 August 9, 2009
  • Gulf News

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Dubai International Financial Centre's (DIFC) new Payment System Settlement Finality (PSSF) law that creates the legal foundation for building a regional transaction processing hub in DIFC that will provide payment systems and other ancillary services.

The first such legislation in the GCC region, the new PSSF Law paves the way for the launch of the Real-time Automated Payments in DIFC (Rapid), a new service that will provide transaction processing services from within DIFC to banks and their customers both in DIFC and the wider Middle East and North Africa region.

However, the benefits of the PSSF Law will not be restricted to Rapid and will be available for all payment systems designated under the conditions of the Law.

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