SPAN
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The Saudi Payments Network (SPAN) is the only automated payments network in the kingdom it connects all ATM and Point of sale terminals throughout the country to a central payment switch that in turn re-routes the financial transactions to the card issuer it may be a local bank, VISA, AMEX or MasterCard. All Banks of Saudi Arabia are required by SAMA to issue ATM cards fully compatible with the network. A noteworthy fact is that all services are provided to end customers free of charge, regardless of the ATM used, its operator, or the customer's card issuer.
There are now more than 6,000 ATMs and 55,000 POS connected to the network and in 2006 the total number of transaction that went through SPAN was more than 340 million transaction with a total amount of 160 billion SR (42.5 Billion USD).
The network has recently been upgraded to SPAN2 which is compliant with EMV standards and implementing higher capable infrastructure and therefore less processing time, espically at POS's, a major problem in the first generation.
Member Banks in the network:
- Al-Rajhi Bank
- Al Bilad Bank
- Arab National Bank
- Bank AlJazira
- Emirates Bank International
- National Commercial Bank
- National Bank of Kuwait
- Riyad Bank
- SABB
- Saudi Hollandi Bank
- Saudi Franis Bank
- Saudi Investment Bank
- Samba Financial Group
[edit] See also
- Automated teller machine
- ATM card
- EFTPOS
- ATM usage fees
- Visa Electron
- Visa Debit
- American Express
- MasterCard
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Z yousef 22:28, 22 March 2007 (UTC)
