Regulatory Alerts2024-06-25
Reduced Processing Time for Local ATM Claims
The Saudi Central Bank has reduced the maximum substantive response period for local ATM claims from seven to four business days, effective August 1, 2024. This directive requires Acquiring banks to process claims for card-issuing bank customers within the new timeframe while maintaining all existing Saudi Network and GCC Network settlement procedures. The updated timeline applies to all financial institutions operating in the Kingdom and supersedes prior instructions regarding exceptional case reporting.
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