{"id":559098,"date":"2021-01-10T03:45:10","date_gmt":"2021-01-10T03:45:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/banks-will-need-to-transfer-funds-within-hours\/"},"modified":"2021-01-10T03:45:10","modified_gmt":"2021-01-10T03:45:10","slug":"banks-will-need-to-transfer-funds-within-hours","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/banks-will-need-to-transfer-funds-within-hours\/","title":{"rendered":"Banks will need to transfer funds within hours"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Banks are now required to complete EGP transfers within a shorter timeframe<\/strong> under <a href=\"https:\/\/ent.news\/2021\/1\/Circular-dated-6-January-2021-regarding-local-transfers-in-LE.pdf\">directions (pdf)<\/a> from the Central Bank of Egypt (CBE). Transfers inside a bank need to be complete within two hours while transfers from one bank in Egypt to another will take up to three hours. Requests put in after 2pm or over the weekend will be required to be complete within the same amount of time on the following working day.<\/p>\n<p><strong>The CBE has given banks three months to comply with the new requirements<\/strong>, with the grace period to be utilized to increase efficiency and improve infrastructure. The new requirements will help boost customer confidence in Egyptian banks while also highlighting banking as an alternative to paper transactions.<\/p>\n<p><strong>Other new requirements:<\/strong><\/p>\n<ul>\n<li>Bank fees on electronic transactions need to be less than what the bank charges for the same service executed with physical currency.<\/li>\n<li>IBANs will be necessary for use in all transactions.<\/li>\n<li>Straight-through processing (STP) must be enacted for outgoing remittances. STP will ensure faster processing times; banks have six months to comply.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Banks are now required to complete EGP transfers within a shorter timeframe under directions (pdf) from the Central Bank of Egypt (CBE). Transfers inside a bank need to be complete within two hours while transfers from one bank in Egypt to another will take up to three hours. Requests put in after 2pm or over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":559099,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8614],"tags":[204,271,72,343,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-regulation","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"81c73a17-255b-43df-b205-9a7259e64e8a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/95.jpg","photo_position":"above","related_issue":[559086],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banks will need to transfer funds within hours - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/banks-will-need-to-transfer-funds-within-hours\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks will need to transfer funds within hours\" \/>\n<meta property=\"og:description\" content=\"Banks are now required to complete EGP transfers within a shorter timeframe under directions (pdf) from the Central Bank of Egypt (CBE). Transfers inside a bank need to be complete within two hours while transfers from one bank in Egypt to another will take up to three hours. 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The regulations lay out the rules and responsibilities for issuing banks, payment service providers and acquiring banks,\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/364.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/lending-by-banks-nbfi-arms-to-count-toward-single-obligor-limits\/","url_meta":{"origin":559098,"position":1},"title":"Lending by banks\u2019 NBFI arms to count toward single obligor limits","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new regs to reduce bank lending risks: Restrictions placed on bank lending to corporate borrowers will now take into account loans made by non-bank affiliates (so-called NBFIs, or non-bank financial institutions). The measures are part of new CBE regulations (pdf) designed to diversify credit portfolios of\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623177,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/24\/central-bank-of-egypt-sets-a-mandatory-10-active-e-wallet-quota-for-the-banking-sector\/","url_meta":{"origin":559098,"position":2},"title":"Central Bank of Egypt sets a mandatory 10% active e-wallet quota for the banking sector","author":"enterpriseam admin","date":"24 October 2018","format":false,"excerpt":"CBE sets a mandatory 10% active e-wallet quota for the banking sector: The central bank bank has set a September 2019 deadline for banks to ensure that 10% of their e-wallet customers are active users. A directive to banks in August (pdf) also mandates that banks grow their active e-wallet\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/","url_meta":{"origin":559098,"position":3},"title":"New criteria for fintech, digital banking licenses","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"Digital banks now need a capital of at least EGP 2 bn","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600508,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/boards-of-banks-in-egypt-can-meet-a-little-less-frequently-now-if-they-want-cbe-says\/","url_meta":{"origin":559098,"position":4},"title":"Boards of banks in Egypt can meet a little less frequently now if they want, CBE says","author":"enterpriseam admin","date":"31 January 2019","format":false,"excerpt":"REGULATION WATCH- Bank boards can meet a little less frequently now, central bank says: The CBE issued new regulations that mandate that the board of directors at banks must now meet regularly at least eight times a year, down from a previous requirement that they meet once a month, according\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573513,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/egypts-banks-can-now-hold-larger-stakes-in-payment-processing-companies\/","url_meta":{"origin":559098,"position":5},"title":"Egypt\u2019s banks can now hold larger stakes in payment processing companies","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"REGULATION WATCH- Banks are now allowed to hold larger stakes in payment processing companies after the Central Bank of Egypt (CBE) lifted a cap that limited banks\u2019 holdings in these companies at 40%, according to a circular (pdf). 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