Saudi Central Bank launches instant payment system

According to the Governor of the Central Bank, the system is part of a series of SAMA-led initiatives to promote the national payments ecosystem, which aim to achieve financial inclusion. The system provides beneficiaries with services and transfer options such as using the mobile number as an identifier instead of the IBAN for transactions between banks, as well as the ability to verify the validity of the recipient’s bank account before completing the transaction.

Via the new payment system, financial transaction of less than USD 5,332 will be instantly credited to the recipient account. Furthermore, ‘sarie’ also offers a quick transfer service, which, upon activation by the account holder, allows the banking sector’s clients to send payments of amounts of less than USD 666 without adding and activating the beneficiary.