Operating Rules for Cross Currency Payments using AFAQ Service

Country Specific Model (CSM) The architecture for the CSM is the same as for the standard RPG configuration except that there is no automated communication with the country's Domestic RTGS system that processes domestic transactions. 4.2. Service's Architecture As SAMA has adopted the CSM for carrying out SAMA and Direct Participants operations in AFAQ's Service, the functions of a Domestic RTGS system in respect of both inward and outward cross-border payment processing and bookkeeping of Direct Participants' mirror accounts and the relevant NCB shadow accounts are performed in the AFAQ Service CC. 4.3. SAMA's Systems SAMA controls the installation, maintenance, operation, security, and contingency of the Service and has the right to regulate, administer and monitor the Service using the facilities afforded. 4.4. Direct Participants' Systems Each Direct Participant is responsible at its own cost for the development, maintenance, security and reliability (including back-up and contingency) of its host system connected to the Service and any links from or to the Service. 4.5. Certification No Direct Participant may use the Service until it and its systems used in relation to the Service have been certified by SAMA. 4.6. Monitoring SAMA has the right to monitor relevant Direct Participant's activities for the sake of ensuring that the Service is operated properly, exercising responsibility for central risk management and mitigating pertinent risks. 4.7. Responsibility for Liquidity SAMA has no responsibility to monitor Direct Participant’s liquidity. It is the responsibility of each Direct Participant to manage its own Liquidity. 4.8. Information The Service provides reporting and enquiry facilities operating in near real-time; giving each Direct Participant immediate visibility of respective position & enabling it to manage its Liquidity. 4.9. Enhancements to Systems SAMA may arrange for enhancements and changes to the Service and advise the Direct Participants accordingly, giving such notice before the changes are to be implemented as SAMA considers reasonable. SAMA may give directions for the safe, accurate and timely implementation of changes, updates and distributions. The changes will be binding on the Direct Participants and each Direct Participant will at its own cost carry out all necessary tests & modifications to its own systems linked to the Service and to its pertinent procedures to give effect to these measures. 4.10. Service Levels SAMA may from time to time specify the service levels to be provided by the Service and by the Direct Participants systems used in connection with the Service. 4.11. Reporting Each Direct Participant must inform SAMA Immediately of any event which may affect its role or function as a Direct Participant in the Service, including any known or planned disconnection from the Service, or any significant changes to Its host system interface to the Service, its organisation, or environment. 4.12. Operating Procedures Each Direct Participant must maintain their own internal operating procedures that comply with these Operating Rules. 4.13. Contingencies Each Direct Participant must ensure that their back-up and contingency procedures are such that the Service is capable of completing their daily processing requirements, without compromising the integrity, security, or performance of the Service. Each Direct Participant will ensure that it has access to adequate contingency facilities to enable It to send and receive its Payment Messages at least during the Operational Phase of the Business Cycle. Each Direct Participant shall ensure that their contingency procedures allow the resumption of operations at the contingency site when required, with the minimum loss of operational time in accordance with the Business Continuity Management Framework published by SAMA, as amended from time to time. 4.14. Tests Each Direct Participant will comply with the Business Continuity Management Framework issued