The Instant Payment System, “Sarie,” is a round-the-clock payment system that accelerates and facilitates money transfers among local banks in the Kingdom of Saudi Arabia. It is a service initiated on February 20, 2021, by the Saudi Central Bank to optimize the national payments system and the entire financial sector.
Customers of local banks can transfer money through the instant payment system by using their mobile phone numbers as alternative identifiers of the IBAN for transferring money among banks. They can now verify the validity of the recipient’s account before transferring the money due. The instant payment system enables customers to promptly carry out transfers of a value of no more than SAR20 thousand between banks.
Instant payment systems reinforce the pioneering role of the Kingdom in the financial sector, help offer secure state-of-the-art payment options, improve financial liquidity circulation in the financial system, reduce reliance on cash transactions and all related operational costs, and help achieve the goals of Saudi Vision 2030 concerning the digital transformation through the electronic financial transactions.
Benefits of the services of the Instant Payment System “Sarie”
Instant Payment Service helps accelerate money transfers among local banks, where beneficiaries can transfer into the other parties’ accounts instantly and around the clock. Beneficiaries can also do the transferring action without adding the recipients to the bank channels or activating their accounts, as long as the sum of the transferred money does not exceed SAR2,500, provided that the customer agrees to activate the service and to set the limit they want at the bank they deal with.
Instant payment system plays a major role in enhancing payment systems in the Kingdom, developing the digital infrastructure to achieve financial inclusion, and indicating its operational ability in digital payments.
Role of the Instant Paying System "Sarie" in the digital transformation
This Instant Payment System offers banks and technology companies a chance to participate in the financial sector development and improve digital services. This, in turn, can optimize the digital economy and keep pace with all its requirements within the Saudi inclusive digital transformation strategy.
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