The Saudi Central Bank inaugurated this evening, the immediate payments system, “SARIE”, under the patronage of His Excellency the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al-Mubarak, 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. On the sidelines of the inauguration ceremony, His Excellency the Governor of the Central Bank stressed the importance of the 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 thirty years.
His Excellency added that the launch of the “SARIE” system comes within a series of initiatives led by the Central Bank. To upgrade the national payments system and develop its infrastructure to achieve financial inclusion, adding to that: National payment systems play a major role in enhancing the Kingdom’s leadership in the financial sector, and contribute to providing safe and advanced payment options that meet the needs of various segments and increase the effectiveness of liquidity circulation in The financial system, reduces reliance on cash transactions and the associated operational costs, facilitates payment and collection procedures, and increases electronic transactions, in addition to their importance in advancing the digital transformation in the Kingdom by increasing the volume of electronic financial transactions
For his part, the Executive Director of “Saudi Payments” Fahd bin Ibrahim Al-Aqeel said: The launch of the immediate payments system “fast” is the result of work and effort that has continued over the past months with all partners, and despite the challenges that emerged following the Corona pandemic, the speed of implementation of the system in All local banks are the fastest in the world with instant payment systems
Al-Aqeel added, speaking: “SARIE” services will enable banking sector customers to send and receive low-value local transfers, 24 hours a day at low fees not exceeding one riyal, in addition to other services and features provided by the system to beneficiaries such as using the mobile number as an alternative identifier for the IBAN to transfer between Banks, and the ability to verify the validity of the account of the party receiving the transfer before the transfer.
Al-Aqeel pointed out that the immediate payment system “express” will allow customers to immediately execute transfers between banks whose value does not exceed 20,000 riyals in the current stage, so that the transfer will be deposited into the beneficiary’s account immediately and throughout the day. The system will also enable 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, as the service aims to accelerate the transfer of funds between individuals in various local banks.
The Executive Director of “Saudi Payments” noted that the system is a fundamental step in the development of payment systems in the Kingdom, and it is one of the most important evidence on the level of development of the digital infrastructure in the Kingdom and highlighting its superior operational capabilities, especially at the level of digital payments systems. It will also enable banks and financial technology companies – in particular – to develop 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.