A total of $1.5 Trillion on electronic based transfers and settlements has been made in the recent year with online banking alone which makes the need of an integrated information system more vital.
Of course when we mention money transfer in Iran, the concept of “International Payment” is not in our vocabulary. Still, due to the sanctions, international transfer is a tricky subject owing to the fact that integration to the swift network is still limited to some banks. Iranian Shetab network (Interbank Information Transfer Network) is Iran’s main local interbank messaging system handling internal affairs. Mentioned in one of our previous articles, an average of 25% growth annually in number of transactions.
This year a total of $1.5 trillion transfers and settlements went through the online banking portals according to ITmen. Lack of financial transparency has been a subject flouting around town lately. The lack of open information is also the main reason behind the absence of credit scoring and credit cards. Having a transparent financial log and financial state is the infrastructure of such service. If banks create a unified integrated information system it will pave the way to better security, financial transparency, credit scoring, more opportunities in insurance, taxations and many more.
Most of the transfers in online banking went through some of the large volume interbank money transferring systems such as PAYA and SATNA all within the Shetab network. Shaparak is also responsible for payments in e-commerce. SATNA (Real-time gross settlement system) is the settling system used for large volume transfers. Read more here.
Insurance companies in Iran are also in the process of making an unified integrated information system for Iran’s insurance industry, Iran’s banking system could also privilege of such a concept. Iran’s banking and taxing system craves for a transparent financial economy. Many talks between banks and CBI (The Central Bank of Iran) on the hot subject of credit cards could be the first brick to achieving this.