April 18, 2012
Notice: Enhanced Local Electronic Fund Transfer System
Dear Customer,
The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer
system (UAEFTS). These enhancements will improve payment and returns processing times for
electronic payments within the UAE.
The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed
via your accounts maintained in UAE from 14 April 2012.
- Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code
(listed below) to allow banks to accept and process payment instructions. Any payment
instruction submitted to Habib Bank AG Zurich without a valid Transaction Type Code may be
rejected, OR delayed. Salaries processed via The Wages Protection System (WPS) do not require
a Transaction Type Code. Revised codes are available on our funds transfer application
- IBAN was implemented on 19 November 2011 with a grace period ending on 12th April, 2012.
Therefore, effective 14 April 2012, all domestic payment instructions are required to contain
an IBAN in the beneficiary account number. Any payment instructions including WPS payments
submitted without IBAN, with the exception of credit card payments, are subject to rejection
by the UAEFTS.
- If you have standing orders/instructions for effecting payments in future, you also need to
amend the same, by providing a valid Transaction Type Code and IBAN equivalent for the
beneficiary account.
The list of valid Transaction Type Code with description is as below. Please be advised, the
codes that can be used are dependant on the type of account that you hold in the books of
Habib Bank AG Zurich
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CODE Description Usage Restriction
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SAL Salary - The code is to be used for making To be used by Business Accounts only.
salary payments to employees.
ALW Allowances - The code is to be used for making To be used by Business Accounts only.
payments to employees for allowances.
BON Bonus - The code is to be used for making bonus To be used by Business Accounts only.
payments to employees.
COM Commission - The code is to be used for making To be used by Business Accounts only.
commission payments to employees.
COP Compensation - The code is to be used for making To be used by Business Accounts only.
payments to employees for compensation.
EOS End of Service - The code is to be used for To be used by Business Accounts only.
making payments to employees for their end of
service benefits.
LAS Leave Salary - The code is to be used for making To be used by Business Accounts only.
leave salary payments to employees.
OVT Overtime - The code is to be used for making To be used by Business Accounts only.
payments to employees for overtime.
TKT Tickets - The code is to be used for making To be used by Business Accounts only.
payments to employees for tickets.
ACM Agency Commission - The code is to be used for To be used by Business Accounts only.
making payments to other companies for agency
commissions.
CCP Corporate Card Payment - The code is to be used To be used by Business Accounts only.
for making payments to cards held in the name of
the company.
CRP Credit Card Payments - The code is to be used for To be used by Personal Accounts only.
making credit card payments.
CHC Charitable Contributions - The code is to be used Can be used by all types of Customers.
for making contributions to designated accounts
held by charitable institutions.
REM Remittance - The code is to be used for making Can be used by all types of Customers.
any payments to individuals or non-individuals
accounts for any payments that cannot be
classified in any of the codes described above.
CBP Cross Border Payments Can be used by all types of Customers.
INV (MIS) Miscellaneous Payment with Invoice Details Can be used by all types of Customers.
RBC (MIS) Miscellaneous Payment with Beneficiary Can be used by all types of Customers.
Customer Reference
ROC (MIS) Miscellaneous Payment with Ordering Can be used by all types of Customers.
Customer Reference
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For Transaction Type Code (INV, RBC, ROC), please provide the reference number to be propagated.
We therefore request you to please send your remittance request on our prescribed Funds Transfer
application which is available at our branches to avoid unnecessary delays.
For further information you may;
- Contact your Relationship Manager
- Visit your nearest Habib Bank AG Zurich branch
We thank you for banking with Habib Bank AG Zurich.
Yours sincerely,
Habib Bank AG Zurich
UAE
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