The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.
The Central Bank of the UAE (CBUAE) has announced that the total value of fund transfers among the UAE lenders reached AED 906 billion during January 2019, a 7.8 percent growth compared to AED 841 billion in January 2018, according to local newswire, WAM.
The central bank figures show that AED 633 billion was transferred to banks and circa AED 273 billion was transferred to individuals.
Additionally, a total of 2.3 million cheques worth AED 105 billion were handled by the UAE Clearing Cheque System in January 2019, with withdrawals valued at AED 17.9 billion.
FTS is a transfer mechanism in the UAE that allows transfer of money from one bank to another through the CBUAE system.