TRN Verification in UAE can be somewhat of a bureaucratic nightmare, but the following steps will help you get through it as efficiently as possible. From obtaining your license to submitting your application to finally receiving your new license and passport, these steps will walk you through the process step-by-step. In most cases, you’ll be able to do this all in just one visit and within just a few days’ time.
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What is Total Return Netting (TRN)?¶
Total Return Netting (TRN) is a way for two counterparties of a trade, or trades with multiple legs, to reduce their overall exposure. The easiest way to understand it is that by netting all current and future obligations between two parties over time they can reduce a large number of contracts down into one aggregated figure.
Why implement TRN?¶
Tracking your vehicles is a great way of tracking operational efficiency and ensuring that your team adheres to all safety procedures. This allows you to better forecast vehicle performance and maintenance needs, reduce fuel costs, and improve driver accountability. You can implement Track & Trace technology by installing a Radio Frequency Identification (RFID) device on every one of your company’s vehicles. Read on to learn more about how you can save money by using RFID technology in your business today!
What are the benefits of implementing TRN?¶
Visa regulation has been and will always be a significant factor when it comes to doing business. However, those who can navigate their way through these rigorous rules and regulations are sure to have a distinct advantage over their competitors. If you’re looking for more accurate ways of verifying your customers, implement TRN. It is an extremely efficient verification process that not only provides your customers with fast results but also saves you time and money.
Who needs to implement TRN in their account?¶
If you don’t already have a 3D Secure enabled card, it will not be possible for you to complete a purchase on any website that requires 3D Secure. To check if your bank offers 3D Secure as a method of authentication, visit their website or contact them directly. You can also find out whether or not your credit/debit card is eligible by contacting your issuer directly. Do note that depending on your location, certain banks may offer different levels of support for their cards.
What are the key terms when it comes to Total Return Netting (TRN)?¶
In general, Total Return Netting (TRN) is a process of bilateral netting of derivative contracts. It allows counterparties that have bilateral swap agreements with each other on a gross basis to offset or net their exposure and avoid duplicative collateral requirements. This process is implemented via an agreement between two counterparties (contractual netting), which becomes effective when one counterparty notifies its intention to terminate or otherwise close out its total return netting agreement with another counterparty.
Who needs to get their account TRN Ready before 31 December 2018?¶
If you are currently holding a United Arab Emirates (UAE) driver’s license and wish to continue using it for identification purposes, you must convert your account into a TRN-ready account before 31 December 2018. In order to ensure that you do not experience any setbacks, we have outlined an easy five-step process on how to complete your conversion by 31 December 2018.
How can you implement TRN at your financial institution if you have accounts with other institutions as well?¶
You need a third-party provider who will be able to carry out international payments. This can be done by either using a network of correspondent banks or using SWIFT. Although both methods offer you the possibility of making international payments, they differ significantly in terms of cost and efficiency. It is important that you check all details related to both these options before making your final decision.
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