Shetab Banking System
The Shetab (Interbank Information Transfer Network) system is an electronic banking clearance and automated payments system used in Iran. The system was introduced in 2002 with the intention of creating a uniform backbone for the Iranian banking system to handle ATM, POS and other card-based transactions.
Prior to its introduction, some Iranian banks were issuing cards that only worked on the issuing banks ATMs and POS machines. Since the introduction of Shetab, all banks must adhere to its standards and be able to connect to it. Furthermore, all issued credit or debit cards must be Shetab capable. As of the end of 2003, the Shetab system had 2,926 ATMs and 16,070 POS units connected to it.
Read more about Shetab Banking System: History, Connectivity, Members, Impact, 2010, See Also
Famous quotes containing the words banking and/or system:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“For the universe has three children, born at one time, which reappear, under different names, in every system of thought, whether they be called cause, operation, and effect; or, more poetically, Jove, Pluto, Neptune; or, theologically, the Father, the Spirit, and the Son; but which we will call here, the Knower, the Doer, and the Sayer. These stand respectively for the love of truth, for the love of good, and for the love of beauty.”
—Ralph Waldo Emerson (1803–1882)