Replacing SHBs current system with S1s open-systems payments platform is expected to provide cost savings while also allowing SHB to roll out new services to its customers. By replacing its legacy systems with a single S1 payments platform, SHB will be able to accommodate changes in the form of new regulations, card scheme mandates, services, and technologies.
The S1 payments platform will consolidate transactions and help ensure that payments switching conforms to Saudi Payments Network 2 (SPAN2) processing regulations. Business processes that will be supported by the S1 solutions include ATM driving, card management, merchant acquiring services, dispute management, back office reporting, and settlement.
Additionally, SHB will introduce in-branch card issuing as part of its EMV migration program leveraging Dynamic Card Solutions CardWizard product, which will be integrated with the S1 payments platform to facilitate card management, instant issuance and PIN selection at the banks branches.
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