Regulatory Alerts2019-11-12
Regulations for the Handling of Bankcard Refunds
The Saudi Central Bank issued this circular to mandate specific processing and settlement timelines for bankcard refunds across all domestic financial institutions. Credit card refunds must be processed within three business days from receipt in both acquirer and issuer systems, while direct debit (Mada) refunds require immediate processing upon receipt in both systems. Additionally, all institutions must send instant SMS notifications to customers immediately after crediting the refund amount to their respective accounts, with compliance effective from January 1, 2020.
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