The Executive Director of “Saudi Payments” Fahd bin Ibrahim Al-Aqeel said: The launch of the “instant” payment system will enable customers of the banking sector to send and receive low-value local transfers, 24 hours a day, at low fees not exceeding one riyal, pointing to other services and advantages provided by The system for the beneficiaries such as using the mobile number as an alternative identifier for the IBAN for transfer between banks, and the ability to verify the validity of the account of the party receiving the transfer before the transfer.
This came during the launch of the new system, under the auspices of the bank’s governor, 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.
The Governor of the Central Bank stressed – according to a statement by the bank – 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 witnessed in the Kingdom for more than thirty years. He added that the launch of the 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.
He indicated that the 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, increase the effectiveness of liquidity circulation in the financial system, reduce dependence on cash transactions and the associated operational costs, and facilitate Payment and collection procedures, and electronic transactions increase, in addition to their importance in pushing the digital transformation process in the Kingdom by increasing the volume of electronic financial transactions.
For his part, Ibrahim Al-Aqeel said: The launch of the immediate payments system 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 application of the system in all local banks is the fastest in terms of payment systems. Instant in the world.
He pointed out that the immediate payments system would allow customers to immediately execute transfers between banks whose value does not exceed 20,000 riyals in the current stage, so that the transfer would be deposited into the beneficiary’s account immediately and throughout the day.
The system is not concerned with international transfers
The Central Bank affirmed that the SARIE system is concerned with transfers between local banks and is not concerned with international transfers, indicating that there is no application of its own, but that the system can be used for transferring through the bank’s various channels. This is done by logging in to the bank’s electronic channels and then clicking on the option of local transfers and filling in the payment details in the event of using alternative identifiers such as mobile, national ID number, residence or e-mail, and then you can choose the type of identifier and confirm all the beneficiary information and complete the transfer, after which the notification message arrives The operation succeeded in a few seconds. Any incoming or outgoing transaction can be objected by contacting the bank, and the amount can be refunded by the same mechanism as well.