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Saudi Central Bank launches instant payment system
RIYADH, February 21, 2021 The Saudi Central Bank (Sama) has launched the instant payment system “sarie” as part of a series of Sama-led initiatives to promote the national payments ecosystem and to enhance its infrastructure. Governor of the Central Bank Dr. Fahad bin Abdullah Al-Mubarak said that national payment systems are fundamental in strengthening the Kingdom s pioneering position in the financial sector, reported Saudi Press Agency (SPA). They offer secure and innovative payment solutions, meet the needs of various segments of the economy, and increase the effectiveness of the liquidity circulation in the financial system, through reducing the operational costs of cash handling, facilitating sending and receiving payments, and driving the digital transformation in the Kingdom by increasing the volume of digital financial transactions.
JEDDAH: The arrival of the Kingdom s first instant payment system (IPS) has been hailed as a major breakthrough by retailers and financial experts.
Saudi Payments’ managing director, Fahd Al-Akeel, said on Sunday that the launch of IPS was the result of several months of “meticulous efforts” with all partners. “Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system’s deployment across all the local banks is the fastest of its kind worldwide,” he added.
The system will allow financial institutions, companies, and people to complete transactions instantly across various banks, around the clock.
Mazen Al-Sudairi, head of research at the Riyadh-based financial services company Al-Rajhi Capital, said the move would have two main benefits for retailers and consumers. First, it would help boost consumption and make the monetary supply chain more efficient. “It will reduce the use of cash in the economy,” he added. “The more elect