UAE SWITCH "United Arab Emirates"
The UAESWITCH operates as a cost center within the Central Bank of the UAE. It came into operation on 13/07/1996. It connects 39 banks operating in the UAE and is also connected to the ATM networks of all other GCC countries. The Oman network is also connected to the Qatar network through UAESWITCH.
Inter-bank settlement is performed by the UAESWITCH. Settlement is carried out daily on a net basis, and all inter-bank disputes are co-ordinated by UAESWITCH.
UAESWITCH provides cash withdrawal and balance enquiry services through some 990 ATMs in the UAE, in addition to all ATMs of other GCC Networks. It operates at an average rate of 45,000 transactions per day.
It is proposed that the UAESWITCH will also establish a national POS infrastructure. This is currently under development.