processing functionalities covered by SHETAB center encompass a wide range of transactions such as cash withdrawal, electronic purchasing, funds transfer, bills payment and balance inquiry at ATM, POS, branch-installed terminals, internet, cell-phone and kiosk platforms. Membership to SHETAB center is governed by the applicable regulations. In fact by proper investment in the nation-wide POS and ATM networks, the financial institutions can share the benefits derived from such investments, with SHETAB taking on the functions for all and every required controls and more importantly the processing of interbank funds transfer settlement.
Since 2013, Central Bank of the Islamic Republic of Iran (CBI) in a bid to provide improved electronic banking services to the public at large, upgraded the computer-based facility by activating the three bank funds transfer feature within the SHETAB system. By utilizing the SHETAB infrastructural facilities for the benefit of the country’s economy the system’s added value functions were launched, laying the ground for offering the schemes such as commodity basket, food aid package and customers club services.
MEMBERSHIP TO SHETAB
Any banking or credit institution licensed by CBI may, upon CBI sign off, draw membership to SHETAB by executing the respective memorandum of agreement. For utilizing the services offered by SHETAB, each member is required to open an ad hoc current account for clearing purposes with CBI’s Department for Rial-Denominated Transactions. This account will be operable by SHETAB. Participants are also required to put in place the technical equipment (data exchange switch) for processing of payment cards as well as inter switch links according to defined standards. In addition to mainframe computer systems and equipment for processing of own payment cards data, the participants should undertake to install and implement back-up facilities for assuring uninterrupted card payment services during unforeseen emergency circumstances or when their main system is down due to disruption.
Members are also committed to display the name and logo of SHETAB center on all new payment cards and POS terminals during the entire period of their membership in line with technical rules and guidelines notified by SHETAB center.
SHETAB shall charge the participants with periodic (five year) membership fee and service commission fee based on the agreement or as directed by CBI.
At the end of each business day or at the latest by 12 noon on the following day, CBI shall complete the processing and clearing of payment transactions and shall pass settlement entries to inter-institution accounts.
Members are bound to manage their settlement account with CBI in a prudent manner avoiding creation of red position as a result of clearing operations. Otherwise, CBI shall be authorized to adjust the debit position by drawing on other accounts of the breaching institution to rectify the position.
Upgrade of SHETAB system to accommodate tripartite funds transfer:
In the latest SHETAB version (VII) in addition to new services namely:
- Loan installment payment
- Special purchasing transactions (special customers and special processes such as “Commodity Basket Scheme”
- Card balance and statement inquiry
- E-wallet (KIVA) transactions
Emphasis has been put on security enhancement within the system and tracking of irregular transactions like high-value transfers and special purpose cards processing and payments involving three banks conveniently added as operational features since 2013