Economy, Business And Markets

ATMs to Process Checks

ATMs to Process ChecksATMs to Process Checks

In the next Iranian year (starting March 21) unified check books will be issued using an integrated system known as ‘Sayyad’, said Central Bank of Iran’s (CBI) head of communication and information technology, Nasser Hakimi.

The size of the checks will also be standardized so that ATMs, if upgraded, will accept and process checks for the first time in Iran, he said.

CBI officials expected the new system to standardize checks and increase the credibility of the financial instrument. “If all goes according to plan, standardized check will be used in all banks by the end of the first six month of the coming year.”

On electronic payments, the official said nearly 99 percent of the overall 56 million transactions within SHETAB (Iran’s nationalized ATM card system) have been successful so far this year. The total amount of transactions registered within SHETAB was worth 130 billion rials ($4.6 million at official exchange rate).

Also, 99.3 percent of the overall 59 million transactions registered with Shaparak (Iran’s electronic card payment system) have been successful. The overall worth of transactions within the system was 145 billion rials ($5.2 million).