Saudi Central Bank Launches Instant Payment System Sarie

SourceFintechnews Middle East
SectorFinancial Services
CountrySaudi Arabia

The Saudi Central Bank (SAMA) launched the instant payment system sarie, under the patronage of His Excellency Governor of the Central Bank Dr. Fahad bin Abdullah Al-Mubarak. Commenting on the achievement, the Central Bank Governor said that the launch of the sarie system comes as part of a series of SAMA-led initiatives to promote the national payments’ ecosystem and to enhance its infrastructure, aiming to achieve financial inclusion. Saudi Payments said that the sarie services will allow the banking sector’s clients to send and receive low-value local transactions around the clock and for a low fee, not exceeding one Saudi Riyal. Additionally, the system provides beneficiaries with other services and transfer options, including using the mobile number as an identifier instead of the IBAN for transactions between banks, and the ability to verify the validity of the recipient’s bank account before completing the transaction. Advertisement Furthermore, Saudi Payments indicated that any financial transaction of less than SAR 20,000 will be instantly credited to more...