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CBUAE launches large-value, retail payment regulations

CBUAE launches large-value, retail payment regulations
The RPS focuses on retail payment systems

UAE - Mubasher: The Central Bank of the UAE (CBUAE) has issued two new payment regulations, comprising the Large-Value Payment Systems (LVPS) and the Retail Payment Systems (RPS).

The new payment regulations aim to strengthen financial infrastructure and facilitate the UAE's international competitiveness, according to a press release on Thursday.

The two regulations will be applied to payment systems operating in the UAE and to any clearing or settlement in dirham outside the country.

The LVPS supports the UAE's payment activities by applying standards for financial infrastructure systems, while the RPS focuses on retail payment systems, including funds transfer, clearing, and settlement services, irrespective of currency.

The Governor of the CBUAE, Saeed Alahmadi, said: "Payment systems are the “plumbing of the financial system” - a critical part of any country’s financial infrastructure."