Saudi central bank launches instant payment system ‘Sarie’

SectorFinancial Services
CountrySaudi Arabia

The Saudi Central Bank (SAMA) has launched an instant payment system called “Sarie”, the banking authority said in a statement.The new initiative will allow banking clients to send and receive low-value local transactions around the clock for a fee not exceeding 1 riyal ($0.26).It will also provide transfer options and other services, including the use of the mobile number as an identifier instead of the IBAN, for transactions between banks.In a virtual event marking the launch, SAMA governor Fahad bin Abdullah Al-Mubarak said the programme will empower the national infrastructure for digital payments, tracking the growth the Kingdom's payment sector has been undergoing for over 30 years."The launch of Sarie 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," Saudi Payments' managing director, Fahd Al-Akeel, said.Other more...