SAMA to launch instant payments system on Sunday

Saudi Central Bank (SAMA) Logo

The Saudi Central Bank (SAMA) will launch, on Sunday, Feb. 21, a new electronic instant payments system which will allow financial institutions, companies, and individuals to instantly make financial transfers between the different banks around the clock.

The system will help reduce the operating cost and provide innovative solutions for the financial sector. In addition, it will allow the beneficiaries to instantly make remittances between their accounts in local banks at lower fees.

The system, which was supervised by the central bank, will also help strengthen the Kingdom's position as one of the advanced countries in the banking and financial technology services, and turn it into a leading center for innovation in the financial technology sector.

Other benefits of the system include contributing to the implementation of the objectives of the Financial Sector Development Program, which aims to transform the Kingdom into a society less dependent on cash, as part of Vision 2030.