Saudi Arabia to implement inter-bank instant money transfer on Feb. 21: SAMA

Logo of Saudi Central Bank

Saudi Arabia will implement the inter-bank instant money transfer on Feb. 21, 2021, according to a statement by the Saudi Central Bank (SAMA).

The new system will help financial entities, companies and individuals carry out inter-bank instant money transfers 24/7.

“The new system is smoothly applied to banks and FinTech companies. It helps cut operating costs, provide innovative solutions, in addition to money transfers at lower fees,” according to the statement.

The new money transfer system will enhance the Kingdom’s position as a leading FinTech hub with less dependence on cash, in line with the goals of the Financial Sector Development Program under Vision 2030.

The inter-bank money transfers will bolster the Kingdom’s economic development, while boosting the efficiency of the financial transactions among corporate and retail clients and enabling the banking and FinTech entities to improve their product portfolio.

The new option, which is monitored by SAMA, will further enable these entities manage cash flows, boost transparency as well as the quality of the services provided to end beneficiaries.