Saudi Arabia launches Instant Payment System between Banks for value up to 20,000 SR

Saudi Arabia has introduced a system of instant payments between banks for up to 20,000 riyals.

Saudi Arabia launches Instant Payment System between Banks for value up to 20,000 SR

Saudi Arabia has introduced a system of instant payments between banks for up to 20,000 riyals.

 The Saudi Central Bank has launched the "SARIE" instant payment system with the support of the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al Mubarak.

last evening during a virtual event hosted by the Saudi Payments Company, which was attended by a number of experts and those interested in the financial and banking sectors.

 The Governor of the Central Bank of Saudi Arabia highlighted the importance of the new instant payment system, and the additional cost and quality that represents the capabilities of the national payment infrastructure, continuing the development journey that has taken more than 30 years. The state is looking into the national payment department.

 He added, "The launch of the (SARIE) system is in line with the central bank-led initiatives to upgrade the national payment system and develop its infrastructure to achieve financial inclusion," he added. He added that "a role has been played in the national payment system. It has played an important role in enhancing the leadership of the country in the financial sector."

 It helps provide secure and advanced payment options that meet the needs of different segments, increase the effectiveness of liquidity circulation in the financial system, reduce reliance on cash transactions, and associated operational Ease of spending, payment and recovery procedures and increased electronic transactions, in addition to its importance in advancing the process of digital transformation in the Kingdom by increasing the volume of electronic financial transactions.

 Fahd bin Ibrahim Al-Aqeel, executive director of Saudi Payments, said: Despite the challenges, the speed of application of the system in all local banks is the fastest in the world of instant payment systems.

 He said, "(SARIE) services will enable banking sector customers to send and receive local transfers 24 hours a day at a lower cost of not more than 1 riyal, in addition to those services. Provides a system for beneficiaries such as the use of mobile numbers as identification instead of IBAN for transfer between banks, and the ability to verify the authenticity of the account of the recipient before the transfer. ۔

 Aqeel highlighted that the instant payment system "SARIE" will allow customers to make instant transfers between banks whose value does not exceed 20,000 riyals at the present stage, so that transfers can be made instantly and throughout the day. Deposit in the beneficiary's account.

 - Instant payment system will enable customers to avail the express transfer service without the need to add or activate the beneficiary in the banking channels. This is for transfers worth more than 2500 riyals, provided the customer agrees to activate the service and sets his limit with the bank. The purpose of this service is to expedite the transfer of funds between individuals in various local banks.

 The executive director of "Saudi Payment" stated that this system is a fundamental step in the development process of the payment system in the kingdom, and is one of the most important evidence of the level of development of digital infrastructure in the kingdom, and its high efficiency. Highlighting operational capabilities, especially at the level of digital payment systems.

 - It will also empower banks and financial technology companies. In particular, the development of modern financial services that meet the needs of the digital economy achieved by Cagandum as part of its strategy for a comprehensive digital transformation.