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Monday 22 April 2024


Monday 22 April 2024

The Central Bank: banks & finance companies may defer personal and car loans installments for six months to overcome the repercussions of the weather condition

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UAE Switching System (UAESWITCH)

The Central Bank of the UAE introduced UAESWITCH in 1996 to link the Automated Teller Machine (ATM) network of all banks in the UAE, enabling customers of different banks to use any ATM and Point of Sale (POS) facilities in the U.A.E.

The UAESWITCH provides regional and international connectivity with other similar national systems. Currently, the UAESWITCH is connected to the Gulf Cooperation Council (GCC) states, known as the GCCNet {https://www.gcc-net.net/gcc-net/Default.aspx } and  to the China Union Pay (CUP) system. Such interconnectivity allows the cardholders of these different systems to use their services interchangeably.

 

The efficiency and governance of the system are ensured by compliance with domestic and international standards, and the CBUAE’s Rules document.

Minimum UAESWITCH Participation Requirements

The Applicant must: -

  • Obtain the necessary CBUAE licences and adhere to its regulatory controls

  • Maintain the required account(s) with the CBUAE

  • Obtain the CBUAE Network Access Rights and complete successfully the CBUAE Services Network Certification Process

  • Obtain the CBUAE Application Access Rights and complete successfully the CBUAE Application Certification Process; and

  • Adhere to the “UAESWITCH Rules” document.

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Last updated on: Thursday 28 July 2022

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