Question
What is the purpose of linking India's Structured
Financial Messaging System (SFMS) with the UAE's messaging system?Solution
The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understandings (MoUs) to establish a framework to promote settle bilateral trade in respective local currencies, that Indian Rupee and UAE Dirham (AED) and interlinking payments and messaging system. The second MoU on payments and messaging systems has three components. · The first one is to link each country’s Fast Payment Systems (FPSs) – India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP). The UPI-IPP linkage will enable the users in both countries to make fast, convenient, safe, and cost-effective cross-border funds transfers. · The second component is linking the respective card Switches RuPay and UAESwitch. The linking of Card Switches will facilitate the mutual acceptance of domestic cards and the processing of card transactions. · Third component is to have a direct messaging system between India and UAE, by linking India’s India's Structured Financial Messaging System (SFMS), with the UAE's messaging system. The linkage of messaging systems is aimed to facilitate bilateral financial messaging between the two countries, bypassing the SWIFT messaging system.
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