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The Saudi Central Bank this evening launched the immediate payment system, “SARIE”, under the patronage of the governor of the Saudi Central Bank, Dr Fahd bin Abdullah Al-Mubarak.
Central Bank Governor Fahd Al Mubarak said the launch of the “SARIE” system is part of a series of initiatives led by the Central Bank; Improve the national payment system and develop its infrastructure to achieve financial inclusion, adding that national payment systems play a major role in strengthening the Kingdom’s leadership in the financial sector.
The executive director of “Saudi Payments”, Fahd bin Ibrahim Al-Aqeel, explained that the services of the immediate payment system “Saree” will allow banking customers to send and receive low value local transfers, 24 hours a day. 24 with low fees not exceeding one riyal, in addition to other services and functionalities made available to beneficiaries by the system; Such as the use of the mobile number as an alternative identifier of the IBAN for the transfer between banks, and the possibility of checking the validity of the account of the party receiving the transfer before the transfer.
Al-Aqeel pointed out that the immediate “express” payment system will allow customers to immediately execute interbank transfers whose value does not exceed 20,000 riyals at the current stage, so that the transfer will be deposited into the beneficiary’s account. immediately and throughout the day, and the system will also allow customers to benefit from the express transfer service. Without the need to add or activate the beneficiary in the banking channels, for transfers whose value does not exceed 2500 riyals, provided that the customer agrees to activate the service and set his limit at the bank, the service aimed at accelerating the transfer of funds between individuals in various local banks.
He noted that the system is a fundamental step in the process of developing payment systems in the Kingdom, and one of the most important evidence of the level of development of digital infrastructure in the Kingdom and highlighting its superior operational capabilities. , in particular at the level of digital payment systems. It will also allow banks and fintech companies, in particular, to develop innovative financial services that meet the demands of the digital economy pursued by the Kingdom as part of its overall digital transformation strategy.
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