News 24 | Tomorrow … the launch of a 24-hour instant payment system between banks

Tomorrow (Sunday), the Central Bank of Saudi Arabia will launch the Instant Payments System, which will allow financial institutions, businesses and individuals to make transfers between different banks instantly, 24/7.

The bank claimed that the system developed by “Saudi Payments”, once activated, will allow beneficiaries to implement immediate financial transfers between accounts of local banks, 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.