The Saudi Central Bank (SAMA) has launched a new instant payment system dubbed “sarie” to promote the Kingdom’s national payments’ ecosystem and enhance its infrastructure.
Commenting on the launch, the Central Bank Governor said the utility of the new instant payment system would empowering the national infrastructure for digital payments as it tracks the growth the Kingdom’s payment sector.
Among the advantages of the new system is that it will allow customers of the banking sector to send and receive low-value local transfers, 24 hours a day, at low fees not exceeding one riyal, in addition to other services and features provided by the system to beneficiaries such as using the mobile number as an alternative identifier for the IBAN number for transfers between banks, and the possibility of verifying the details of the account of the party receiving the transfer before the actual transfer.
“The launching of the sarie system is the result of several months of meticulous efforts with all the 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,” said Saudi Payments’ Managing Director Mr. Fahd al-Akeel.
“Sarie services will allow the banking sector’s clients to send and receive low-value local transactions around the clock and for a low fee, not exceeding one Saudi Riyal. Additionally, the system provides beneficiaries with other services and transfer options, including using the mobile number as an identifier instead of the IBAN for transactions between banks, and the ability to verify the validity of the recipient’s bank account before completing the transaction,” al-Akeel added.