Shetab Banking System
electronic banking clearance and automated payments system used in Iran. The system was introduced in 2002 with the intention of creating a uniform backbone for the Iranian banking system to handle ATM, EFTPOS and other card-based transactions.
Prior to its introduction, some Iranian banks were issuing cards that only worked on the issuing banks ATMs and POS machines. Since the introduction of Shetab, all banks must adhere to its standards and be able to connect to it. Furthermore, all issued credit or debit cards must be Shetab capable. As of the end of 2017, the Shetab system had 54,300 ATMs connected to it.[1]
HistoryShetab was introduced in 2002, and now all card issuing banks in Iran are required to connect to the system.[2] In 2005, the Iranian banks, mostly state owned, to set up all the necessary infrastructures (regulatory, hardware, software) for fully launching e-money in Iran by March 2005. While this plan has not yet fully materialised, local debit/credit cards are now commonplace and have removed the main obstacle to the growth of e-commerce (in the national scale) as well as the full roll out of e-government initiatives.[3] By 2010 it is expected that 12 million cards would be issued, all of which work with the Shetab system.[4]
The Agricultural Bank ( Keshavarzi Bank) was the first Iranian bank to connect to the Shetab system.[5]
In 2007, before the imposition of new electronic commerce will reach 10,000 billion rials ($US1 billion) by March 2009.[7]
Connectivity
MembersAs of 2020, nearly all Iranian banks and some international banks in Qatar, Kuwait and Bahrain are members of the Shetab System, as follows:[1][12]
ImpactAs of 2006, Iran was still very much a cash based society. It is expected that a unified clearance system, such as Shetab, will provide significantly greater See also
References
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