SAMA says second phase of ‘Sarie’ system underway with 4 new services

Logo of Sarie

Saudi Central Bank (SAMA) said that work is underway to launch the second phase of “Sarie” payment system, in collaboration with Saudi Payments. 

The launch is expected this year when the system is fully ready, Al-Eqtisadiah newspaper reported, citing a SAMA statement.  

The second phase will include a number of additional features to be available in the system, such as advanced and innovative services for the sector's retail and corporate clients.  

The second phase will also include four key services, namely, payment request, account verification, bundled payments, and a service that enables Fintech companies to subscribe to “Sarie” system.    

According to data available to Argaam, in February 2021, SAMA launched “Sarie” instant payment system, under the patronage of the central bank’s Governor, Fahad Al-Mubarak. The system is an added value to the national payment infrastructure.