The Saudi Central Bank (SAMA) has launched a new instant payment system dubbed “sarie” to promote the Kingdom’s national payments’ ecosystem and enhance its infrastructure. Commenting on the launch, the Central Bank Governor said the utility of the new instant payment system would empowering the national infrastructure for digital payments as it tracks the growth the Kingdom’s payment sector. For all the latest headlines follow our Google News channel online or via the app. Among the advantages of the new system is that it will allow customers of the banking sector to send and receive low-value local transfers, 24 hours a day, at low fees not exceeding one riyal, in addition to other services and features provided by the system to beneficiaries such as using the mobile number as an alternative identifier for the IBAN number for transfers between banks, and the possibility of verifying the details of the account of the party receiving the transfer before the actual transfer. “The launching of...read more...