| Developers: | Central Bank of Iran |
| Date of the premiere of the system: | 2002 |
| Branches: | Financial Services, Investments and Auditing |
Content |
Main article: Electronic payment systems - Money transfers (global market)
Shetab ("Shetab") is a national electronic bank payment system in Iran.
2024
Launch in Russia
The Iranian payment system Shetab began to function in Russia, which was the result of the long-term integration of the financial systems of the two countries. This became known in August 2024. The project to combine the Russian Mir payment system and the Iranian Shetab took two years, and its completion opened up new opportunities for international settlements and bilateral trade between Russia and Iran.
In August 2024, cards of the Mir payment system will also begin to be served in Iran, and cards of Iranian banks will be able to be used in Russia. The integration of the payment systems of the two countries is of practical importance in the context of sanctions, significantly expanding the possibilities of mutual settlements in national currencies and contributing to the further development of financial and trade relations.
According to the newspaper, the launch of Shetab in Russia and the upcoming opportunity to service Mir cards in Iran will stimulate an increase in the tourist flow between the two countries. Already in 2024, the number of tourists between Russia and Iran may grow by 50%, reaching 60 thousand people a year. This process will also have a positive impact on the development of Internet trade between countries, opening up new prospects for mutual trade.
Along with this, countries continue to actively develop other areas of cooperation in the field of finance. Russia and Iran have already recognized the liquidity of their national currencies for use in bilateral trade, and in the near future an offshore rial will begin to be used in trade operations with Russia, klerk.ru writes in mid-August 2024. These measures are designed to simplify the conduct of operations between states and minimize the risks associated with currency fluctuations in international markets.[1]
Integration with Mir system
In early July 2024, it became known about the completion of the integration of the Russian payment system "Mir" and the Iranian system Shetab. The move marks an important stage in the development of economic cooperation between the two countries, opening up new opportunities for financial interactions and simplifying cross-border payments.
The head of the Central Bank of Iran Mohammad Farzin announced the release of the project of combining payment systems at a practical level. He noted that bilateral meetings of delegations of specialists from both countries made it possible to finalize the requirements for the accession of the Russian payment system "Mir" to the Iranian system SHETAB.
The practical implementation of the integration of payment systems is expected in the near future, Mohammad Farzin said in early July 2024. According to the statement of the Iranian financial regulator, Russian citizens will be able to use Mir cards in Iran by the end of August 2024. In turn, holders of Iranian Shetab cards will be able to withdraw rubles from ATMs in Russia.
According to RIA Novosti, the integration of payment systems is part of broader cooperation between Russia and Iran in the financial sector. In addition to combining Mir and Shetab, the countries signed a currency agreement aimed at ensuring the liquidity of national currencies to facilitate bilateral trade. This agreement provides for the creation of mechanisms for conducting transactions using offshore rials.
The need to integrate the payment systems of the two countries arose back in 2018, when Iran was disconnected from the SWIFT international transfer system. The situation escalated in 2022, when a number of Russian banks also lost access to SWIFT due to geopolitical tensions.
In May 2022, Moscow and Tehran agreed to switch to mutual settlements in national currencies. The move was enshrined in January 2023 by the signing of an agreement to simplify financial and banking operations between the central banks of the two countries.[2]
2022: Plan of integration with the Russian system "Mir"
Confronting Western sanctions has always been a common problem between Iran and Russia, and the issue of mitigating their consequences has been on the agenda of the leaders of the two countries in recent years. This became known on September 12, 2022. The Russian payment system Mir will soon be integrated with the Iranian Shetab. More details here.
2005: Joining Bahrain Benefit ATM Network and UAE UAES System
In 2005 the Iranian , the government reached an agreement with the Benefit network ATMs Bahrain UAE and the UAES system to join them. In October of that year Iran linked his with payment system. China Later, Shetab began to function in and. Kuwait Qatar
2002: Building the System
The national payment system Iran Shetab (an abbreviation for the official name "Interbank Transmission System") information was created in 2002. Before its appearance, plastic maps was produced by several Iranian ones, banks but they were compatible only with their own. With the ATMs release of Shetab in Iran, a single standard was established for bank cards, which all banks are obliged to adhere to. As countries[3]
Notes
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