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Overview Of The Saudi Payments Network
The Saudi Payments Network is an Electronic Funds Transfer switch that provides Banks with an interface to one central exchange for routing financial transactions to and from other Banks in the Kingdom and for routing transactions to external networks (Visa, MasterCard, Amex, GCCNet).
SPAN greatly increases the number of geographical locations at which Bank customers can perform transactions. The major objectives for SPAN are to continue to expand the SPAN payment card Cardholder base, replace cash with the SPAN payment card, further electronic processing, and converge with international trends in payment technology.
SPAN provides the transaction processing system to support terminals, provide electronic authorization services, and provide interbank clearing and settlement. SPAN is designed to support chip-enabled transactions that comply with the EMV specifications. The SPAN payment card, a debit card issued by all Banks in the Kingdom, is used within a collective framework of rules that ensure universal acceptance throughout the Kingdom of Saudi Arabia.
Benefits of the SPAN Switch
To Banks :the reduction in costs of handling cash, a higher level of earnings generated from increased current account balances, and increased fee income. SPAN is a transaction processing network which links the Banks electronically to support transaction processing. It allows each Bank to transmit and receive transactional data more securely and thus controls all its electronic transaction activities more efficiently without the need for extensive paper-based mechanisms.
To Retailers : more efficient means of handling business other than cash, more efficient use of funds, increased productivity, increased efficiency, and increased sales. A potential future benefit is the access to more accurate management, marketing, and financial information.
To Cardholders : a convenient means of paying for goods and services and increased purchasing capability also any holder of a SPAN card can use it to perform transactions at any ATM belonging to a Bank connected to SPAN. The EFTPOS terminals connected to SPAN enables SPAN Cardholders to pay for goods and services without carrying cash or cheques.
SPAN Participants
- Banks.
- Cardholders.
- Retailers.
- International Bank Card Schemes.
- Card Manufacturers.
- Terminal Manufacturers