Saudi Arabia: SAMA Rolls out 24/7 Payments Systems

SourceAl Bawaba
SectorFinancial Services
CountrySaudi Arabia

The move was part of a wider campaign to make Saudi Arabia a leading center for innovation in the financial technology sector, Al Arabiya has reported. (Shutterstock) The 24/7 electronic payment system allows financial institutions, companies, and individuals to transfer money instantly. The 24/7 electronic payment system allows financial institutions, companies, and individuals to transfer money instantly. The move was part of a wider campaign to make Saudi Arabia a leading center for innovation in the financial technology sector, Al Arabiya has reported.

SAMA earlier said the new system would contribute to the country's economic development by increasing the speed and efficiency of financial transactions in the corporate and retail sectors. The system would also improve the transparency of payments between companies and individuals, as well as other banking-related benefits. ...read more...