Saudi Arabia Launches Instant Payment System Between Banks For Value Up To 20,000 SR
Category: Expats

The Saudi Central Bank has launched the "Sarie" instant payments system under the support of His Excellency the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al-Mubarak.

This was launched Yesterday evening during a virtual ceremony organized by the Saudi Payments Company, in the presence of a number of experts and those interested in the financial and banking sector.

- The Governor of the Saudi Central Bank highlighted the importance of the new instant payment system, and the added value and quality it represents for the capabilities of the national payments infrastructure, keeping pace with the development journey that the national payments sector has been witnessing in the Kingdom for more than 30 years.

- He added, “The launch of the (SARIE) system comes within a series of initiatives led by the Central Bank to upgrade the national payments system and to develop its infrastructure to achieve financial inclusion,” adding that “the national payment systems play a major role in enhancing the Kingdom's leadership in the financial sector.

- It contributes to providing safe and advanced payment options that meet the needs of various segments, increase the effectiveness of liquidity circulation in the financial system, reduce dependence on cash transactions, and the associated operational costs, facilitate payment and collection procedures, and increase electronic transactions, in addition to its importance in pushing the process of digital transformation in The Kingdom by increasing the volume of electronic financial transactions.

- The Executive Director of "Saudi Payments" Fahd bin Ibrahim Al-Aqeel said, “The launch of the instant payments system (express) is the fruit of work and effort that has continued over the past months with all partners. Despite the challenges that emerged after the Corona pandemic, the speed of application of the system in all local banks is the fastest in the world of instant payments systems.

He said, “The services of (SARIE) will allow customers of the banking sector to send and receive low-value local transfers, 24 hours a day, at low fees not exceeding 1 riyal, in addition to other services and features provided by the system to the beneficiaries, such as using the mobile number as an identifier instead of a number The IBAN for transfer between banks, and the ability to verify the validity of the account of the party receiving the transfer before the transfer.

- Al-Aqeel highlighted that the instant payment system "sarie" will allow customers to immediately execute transfers between banks whose value does not exceed 20,000 riyals in the current phase, so that the transfer is deposited into the beneficiary's account immediately and throughout the day.

- The instant payment system will also allow customers to benefit from the express transfer service, without the need to add or activate the beneficiary in banking channels. This is for transfers whose value does not exceed 2500 riyals, given that the customer agrees to activate the service and sets his limit with the bank. The service aims to step up the transfer of funds between individuals in various local banks.

- The Executive Director of "Saudi Payments" stated that the system is a fundamental step in the process of developing payment systems in the Kingdom, and one of the most important evidence on the level of development of digital infrastructure in the Kingdom, and highlighting its superior operational capabilities, especially at the level of digital payments systems.

- It will also empower banks and financial technology companies. In particular, through the development of innovative financial services that keep pace with the requirements of the digital economy pursued by the Kingdom as part of its strategy for a comprehensive digital transformation.




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21 Feb, 2021 0 444
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