Salman Jaffrey News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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

Saudi arabiaAr riyaSalman jaffreyMazen al sudairiMichael trueschlerYasser al ammariMosam gadiaSaudi aramcoSaudi arabia public investment fundSaudi central bankSaudi financial associationFahd al akeelAl rajhi capitalEuro retail payments boardTalat zaki hafizSaudi financial