Dubai, Aug 9 - Dubai has enacted a new law that will lead to the launch of Real-time Automated Payments (RAPID) in the Dubai International Financial Centre (DIFC), WAM news agency reported Sunday.

The RAPID service will provide transaction processing services from within DIFC to banks and their customers in DIFC and the wider Middle East and North Africa region.

The Payment System Settlement Finality (PSSF) law will assist Gulf-based companies in conducting legally sound payments within the region instead of having to use infrastructure outside the region and also supports payments that involve participants from multiple jurisdictions.

The PSSF law creates the legal foundation for building a regional financial transaction processing hub in DIFC.

Omar Bin Sulaiman, governor of the Dubai International Financial Centre (DIFC), said: 'The enactment of the PSSF law forms part of a comprehensive infrastructure that DIFC is creating to catalyse the development of the financial services industry in the region.