RegAlert

Rule · SAMA · 15 Feb 2021

POS Payment Service of GCC Net

payments

All banks and financial institutions in the Kingdom and Saudi Payments Company must implement technical and commercial measures to process GCC Network POS transactions with Oman, accept all such cards, and notify customers of the Oman National Network routing. These obligations are effective from the activation date mentioned in the document. The text does not specify sanctions, reporting templates, or replaced rules.

Saudi ArabiaSaudi Central Bank

Saudi Central Bank (SAMA)
Reference No.: 42046077
Date: 1442/07/04
Attachments: None

Circular

To the Esteemed / Gentlemen,
Peace be upon you, and God's mercy and blessings.

Subject: POS Payment Service of GCC Net.

In continuation of the Saudi Central Bank instructions issued under Circular No. 462.6/41 dated 10/10/1439H, and Circular No. 371.000.059/14 dated 14/9/1437H regarding the POS Payment Service of GCC-NET and its associated tariffs, and in completion of ongoing work among the central banks of the Gulf Cooperation Council (GCC) countries aimed at integrating payment systems across the GCC states, and referring to what has been agreed upon in the periodic meetings of the governors of the central banks of the GCC states to connect the POS networks of the GCC countries with the Gulf Payments Network (GCCNET), as it is a key pillar in payment system integration, and enhancing and supporting joint cooperation among the GCC states.

We inform you that it has been decided to activate the POS service for GCC Net with the Sultanate of Oman for POS acceptance as from 4 April 2021G, and accordingly, banks and financial institutions are required to comply with the following:

  1. Taking the necessary technical and operational measures for acceptance and processing of transactions on their systems and their affiliated POS devices to complete purchase transactions via POS between the Kingdom and the Sultanate of Oman.
  2. Taking the necessary commercial measures with their customers who are holders of GCC Network cards and merchants accepting GCC Network cards to ensure processing of transactions according to the approved rates.
  3. Notifying and informing customers who are holders of GCC Network cards that purchase transactions in the Sultanate of Oman will be processed through the POS network of Oman National Network connected to GCC Net.
  4. Processing and accepting all GCC Network transactions using their cards bearing the GCC Network logo, as well as accepting GCC Network cards on their POS devices.

For your information and action, effective from the activation date mentioned above.
Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Scope:

  • All banks and financial institutions operating in the Kingdom
  • Saudi Payments Company

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Annotations and obligations
4 obligations · 4 definitions
  • Obligation 4
  • Definition / condition 4
  • background, boilerplate

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Circular No. 462.6/41 dated2018-07-09Not in RegAlertCircular No. 462.6/41 dated 2018-07-09 — Not in RegAlertMentions (1)a document this one mentionsopen the list below the graph ▾Mentions (1): a document this one mentions without changing it — open the list below the graphPOS Payment Service of GCC Net2021-02-15 · this documentPOS Payment Service of GCC Net (2021-02-15)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Issued under
  • Circular No. 462.6/41 dated 2018-07-09Not in RegAlert

    “In continuation of the Saudi Central Bank instructions issued under Circular No. 462.6/41 dated 10/10/1439H”

Mentions (1): 1 document this one mentions without changing it
Refers to
  • GCC POS Pricing Policy2016 · SAMA

    “and Circular No. 371.000.059/14 dated 14/9/1437H regarding the POS Payment Service of GCC-NET”

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