News 24 | Central Bank announces launch of instant interbank payment system on February 21

The Central Bank of Saudi Arabia announced the launch of the instant payment system on February 21, after the successful launch of the first experimental phase of activating the system with a number of Saudi banks.

The bank confirmed in a statement today (Thursday) that the system will allow financial institutions, businesses and individuals to make transfers between different banks immediately, 24 hours a day, seven days a week.

He added that the system, developed by “Saudi Payments”, would allow beneficiaries, once activated, to implement immediate financial transfers between local bank accounts, with less fees than the current system of interbank transfers.

He noted that the system will work seamlessly between Saudi banks and fintech companies and help increase the transparency of payments between businesses and individuals, activate innovation in financial services and improve the quality of financial services. services provided to final beneficiaries.