Saudi Central Bank reveals the date of launching Instant Payment service
The Central Bank of Saudi Arabia announced the launch of the instant payments service on February 21, after the successful launch of the first experimental phase to activate the system with a number of Saudi banks.
The Saudi Central bank stated in a statement that the system will allow financial institutions, companies and individuals to complete transfers between different banks immediately, 24 hours a day and seven days a week.
- The Central Bank said that the system developed by "Saudi Payments" will strengthen economic development by increasing the effectiveness of financial transactions between all parties in the corporate and retail sectors, and allowing banking institutions and financial companies to improve current financial products and manage cash flows for the business sector. Trending : Jawazat allows registration of Absher to Expats dependents, Visitors and GCC citizens
- This step will also contribute in increasing transparency in payments between companies and individuals, activating innovation in financial services, in addition to raising the quality of services provided to the final beneficiaries.
- The statement highlighted that the system works seamlessly between Saudi banks and financial companies, and contributes to reducing operational costs and providing innovative solutions to the financial sector. Once activated, it will allow beneficiaries to benefit from it, in the implementation of financial transfers between accounts in local banks immediately, with less fees than the current system of interbank transfers.
- The will be supervised by the Central Bank, and it is considered an essential step to strengthen the Kingdom's position as one of the advanced countries in banking and financial services, and to turn it into a leading center for innovation in the financial technology sector.
- The system contributes to the implementation of the objectives of the Financial Sector Development Program, one of the Saudi Vision 2030 programs, in the transformation to a society less dependent on cash. Read : Saudi Arabia aims for 100% Saudization in Customs Clearance sector
