News

UAE ATM switch connects to other GCC switches

May 5, 2002

ABU DHABI, United Arab Emirates -- The UAE interbank switch (UAESwitch) has connected to the ATM switches in all five of the other of Gulf Cooperation Council (GCC) countries following its link with Saudi Arabia on May 1, according to a report in Gulf News.

The UAE is the first country among the six-nation GCC to establish connectivity of its ATM switch to the ATM switches of all the other GCC countries.

Following five-and-a-half years of operation, the UAESwitch is now connected to Qatar, Bahrain, Kuwait, Oman and Saudi Arabia. It connects 840 ATMs within the UAE and some 850 ATMs through the rest of the GCC networks.

A Central Bank official told the Gulf News that Oman is likely to use the UAE to establish ATM switch connectivity with other GCC countries. "The UAE is the only country in the GCC to have established the ATM switch connectivity with Oman and therefore, Oman plans to use the UAE as a link to other GCC countries. Talks are going on between the authorities concerned," he said.

Of the 46 banks in the UAE, 40 are linked with the UAESwitch, the last to have joined being the Arab Bank for Investment and Trade (Arbift).

Yet usage of the UAE Interbank Switch is low, the banking official said.

Most customers prefer to use the ATM of the bank where they have an account either because they are unaware of the interbank switch facility or they do not want to incur the Dirhams 2 fee that is charged for use of the interbank switch.