The partnership will enable account-to-account payments to be made instantly between financial institutions, businesses and consumers, a market-first in the country, according to the official press release.
The new payment system will use technology built on the latest ISO messaging standards, fostering integration across the globe. It will reach the majority of financial institutions and accounts, working with Saudi Payments’ third-party services, supporting anti-fraud and compliance processes.
As a result, the new real-time payments platform will enable credit transfers, e-invoicing and billing, real-time payment acknowledgement, remittances and bulk payments instantly for businesses. The technology will also enable instant peer-to-peer money transfers between friends and family, from their smartphones and without the need of the recipient’s bank details.
Vocalink’s real-time payments technology was first implemented in the UK in 2008. Currently it is live in Singapore and in 2017, launched in Thailand where the PromptPay service has been adopted by over half of the population, according to online publication Zawya. Most recently, Vocalink was behind the payments system launched in the US for The Clearing House’s RTP.
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