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Al-Marsad Journal: “Saudi Payments” executive director Fahd Al-Aqeel revealed five important advantages in the “fast” immediate payment system, which was officially launched by the Central Bank last night.
Al-Aqeel explained – according to Al-Arabiya – that the system “will allow banking sector clients to send and receive low value local remittances over a 24 hour period at low fees that do not exceed a riyal ”.
He added: “The system allows recipients to use the mobile number as an identifier instead of the IBAN for the transfer between banks, and the ability to verify the validity of the account of the party receiving the transfer before the transfer. “
Al-Aqeel added: The “fast” immediate payment system will allow customers to immediately implement transfers between banks whose value does not exceed 20,000 riyals at the current stage, so that the transfer will be deposited into the bank’s account. beneficiary immediately and throughout the day.
He went on to say, “The system will also allow customers to benefit from the express transfer service without the need to add or activate the payee in the bank channels, for transfers whose value does not exceed 2,500 riyals.”
Al-Aqeel pointed out that the fast transfer service without the need to add a beneficiary requires the consent of the customer to activate the service and determine its limit at the bank, as the service aims to speed up the transfer of money between individuals in various local banks.
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