Regulatory Alerts2021-02-15
POS Payment Service of GCC Net
The Saudi Central Bank (SAMA) has activated the POS Payment Service of GCC Net with Oman, effective 4 April 2021, mandating all domestic banks and financial institutions to implement technical, operational, and commercial measures for cross-border POS transactions. Institutions must ensure their systems and POS devices process GCC Network card transactions in Oman via the Oman National Network at approved rates, while notifying customers of the settlement mechanism. This directive fulfills prior SAMA circulars and ongoing GCC central bank agreements to fully integrate regional payment systems.
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