SAMBA explores prospect of raising upper ceiling for inter-bank instant transfers up to SR80,000

SAMBA explores prospect of raising upper ceiling for inter-bank instant transfers up to SR80,000

Saudi Gazette report RIYADH - The Saudi Central Bank (SAMA), in cooperation with the financial sector, is currently studying the prospect of raising and determining the upper ceiling for inter-bank instant transfers. The upper ceiling, which is expected to range between SR60,000 and SR80,000, will be implemented by the end of 2022, marking the second phase of the inter-bank instant transfer service. It is noteworthy that SAMA had launched the first phase of the inter-bank instant money transfer system (sarie) on Feb. 20, 2021 and the new system helped financial entities, companies and individuals, to carry out inter-bank instant money transfers around the clock basis. Ziad Alyousef, deputy governor of SAMA for development and technology, said that the old payment system that handles operations between 9 am and 5 pm will be dedicated to large financial operations between banks, while the inter-bank instant payment system, which was launched last year, will be meant for individuals and all kinds of companies around the clock. Alyousef said that SAMA worked to strengthen the instant payments system, which was launched last year, to ensure its reliability and the safety of financial transactions. “We are studying with the financial sector the prospect of raising