Regulatory Alerts2014-11-17
The New Identity of the Saudi Payment Network (MADA)
The Central Bank announced "Mada," the new identity for the Saudi Payments Network, which serves as the commercial name for ATM and point-of-sale card services, representing a significant evolution aimed at reducing cash transactions and enhancing financial transaction efficiency. This initiative follows the Central Bank's collaboration with local banks to rehabilitate the network, focusing on improving service quality, expanding technical infrastructure, and developing new operational models. Member banks are mandated to ensure full familiarity with "Mada," adhere to its operational and performance standards, actively market the service to customers and merchants, and promote public awareness of its benefits as a secure cash alternative.
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