SPAN
Encyclopedia
The Saudi Payments Network (SPAN) is the only and major payment system in the kingdom of Saudi Arabia
. It connects all ATM
and point of sale
(POS) terminals throughout the country to a central payment switch which in turn re-routes the financial transactions to the card issuer, (local bank, VISA
, AMEX
or MasterCard
). All Banks in Saudi Arabia are required by the Saudi Arabian Monetary Agency
(SAMA) to issue ATM card
s fully compatible with the network. All services are provided to the customer 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 POSs connected to the network and in 2006 more than 340 million transactions went through SPAN, with a total value of 160 billion SR (42.5 billion USD).
The network has recently been upgraded to SPAN2 which is compliant with EMV
standards and implements a higher capacity infrastructure and therefore less processing time, especially at POS terminals, resolving a major problem of the first generation SPAN system.
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
. It connects all ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and point of sale
Point of sale
Point of sale or checkout is the location where a transaction occurs...
(POS) terminals throughout the country to a central payment switch which in turn re-routes the financial transactions to the card issuer, (local bank, VISA
Visa
Visa or VISA may refer to:* Visa , a document issued by a country's government allowing the holder to enter or to leave that country...
, AMEX
AMEX
AMEX, AmEx or Amex may refer to:*American Stock Exchange*American Express, a global financial services corporation*American Express Community Stadium, association football stadium in Brighton, England, currently sponsored by American Express...
or MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
). All Banks in Saudi Arabia are required by the Saudi Arabian Monetary Agency
Saudi Arabian Monetary Agency
The Saudi Arabian Monetary Agency , established in 1952, is the central bank of the Kingdom of Saudi Arabia.- History :Prior to the establishment of the Saudi Monetary Agency, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society acted as a de-facto central bank, keeping the...
(SAMA) to issue ATM card
ATM card
An ATM card is a card issued by a bank, credit union or building society that can be used at an ATM for deposits, withdrawals, account information, and other types of transactions, often through interbank networks.Some ATM cards can also be used:* at a branch, as identification for in-person...
s fully compatible with the network. All services are provided to the customer 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 POSs connected to the network and in 2006 more than 340 million transactions went through SPAN, with a total value of 160 billion SR (42.5 billion USD).
The network has recently been upgraded to SPAN2 which is compliant with EMV
EMV
EMV stands for Europay, MasterCard and VISA, a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals and automated teller machines , for authenticating credit and debit card transactions.It is a joint effort between Europay, MasterCard and...
standards and implements a higher capacity infrastructure and therefore less processing time, especially at POS terminals, resolving a major problem of the first generation SPAN system.
Member banks in the network
- Al-Rajhi Bank
- Al Bilad BankAl Bilad Bank-Establishment:Bank Albilad is a Saudi joint stock company, established vide Royal Decree 48/M on 21/9/1425H with a corporate capital of 3,000,000,000 Saudi Riyals. One of the main founders of Bank AlBilad was Dr. Yusuf Abdulwahab Nimatallah.ATM ALBILAD BANK|left|thumb...
- Arab National BankArab National BankThe Arab National Bank is a major bank based in Riyadh, Saudi Arabia and listed on the Saudi Stock Exchange. It is among the top ten largest banks in the Middle East and has received an 'A' rank from Standard and Poor's. It has 178 branches in Saudi Arabia, including 37 for women. Its largest...
- Bank AlJaziraBank AljaziraBank Aljazira is a joint stock company incorporated in the Kingdom of Saudi Arabia and formed pursuant to Royal Decree No. 46/M dated Jumad Al-Thani 12, 1395H . BAJ commenced its business on Shawwal 16, 1396H Bank Aljazira (BAJ) is a joint stock company incorporated in the Kingdom of Saudi Arabia...
- Emirates Bank International
- National Commercial BankNational Commercial BankThe National Commercial Bank also known as AlAhli Bank is the first Saudi Arabian bank, the largest bank by asset in the Arab world and one of the pioneers in Islamic Banking and finance in the world.- Founding and Legal Structure :...
- Riyad BankRiyad BankRiyad Bank is one of the largest financial institutions in Saudi Arabia with a net income of SR 3.030 million and total assets being SR 176 billion....
- SABBSABBSABB is an affiliate of the HSBC Group. SABB has a branch in London.-Services:SABB offers services in investment banking, commercial banking, private banking, and Amana Islamic Banking....
- Saudi Hollandi BankSaudi Hollandi BankThe Saudi Hollandi Bank is a bank based in Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was originally founded in 1926 as a branch of the Netherlands Trading Society.-History:...
- Saudi Fransi Bank
- Saudi Investment Bank
- Samba Financial GroupSamba Financial GroupSamba Financial Group , is a large banking firm in Saudi Arabia. The combined institution had 66 branches in the Kingdom...
- National Bank of KuwaitNational Bank of Kuwait-The National Bank of Kuwait:The National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. Over the years, NBK has maintained its position as the leading bank in Kuwait and built a well-established banking franchise...
- Bank Muscat
- National Bank of BahrainNational Bank of BahrainNational Bank of Bahrain was established in 1957 as the first indigenous bank in Bahrain. A nation-wide network of 25 branches, 46 ATMs and over 4,000 Point of Sale terminals in addition to their branches in Abu Dhabi and Riyadh makes NBB the leading provider of commercial and retail banking...
See also
- Smart cardSmart cardA smart card, chip card, or integrated circuit card , is any pocket-sized card with embedded integrated circuits. A smart card or microprocessor cards contain volatile memory and microprocessor components. The card is made of plastic, generally polyvinyl chloride, but sometimes acrylonitrile...
- EFTPOSEFTPOSEFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
- Visa Inc.
- American ExpressAmerican ExpressAmerican Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
- MasterCardMasterCardMastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
- The Benefit CompanyThe Benefit CompanyThe Benefit Company is the local switch in the Kingdom of Bahrain handling ATM and POS transactions. Established in 1997 with a special license from the Central Bank of Bahrain as "Provider of Ancillary Services to the Financial Sector", it is the only financial network of its kind in the...