Saudi Payments launches instant payments system

Saudi Payments launches instant payments system

Saudi Payments has launched an instant payments system 'sarie' in cooperation with IBM and Mastercard, supporting all Saudi banks across the Kingdom and available for use by their customers.'sarie' allows bank customers to send and receive money in real-time using a wider range of services and transfer options. Customers of local banks can make instant transactions of up to SR20,000 ($5,300) through the system. Further, "sarie“ users can benefit from the quick transfer service to send up to SR2,500 ($660) using aliases, such as mobile number, email address, ID number, or IBAN number.Saudi Payments Managing Director Fahad Al-Akeel said: "The instant payments system 'sarie' can enable us to drive usage and engagement across the Saudi payments ecosystem of banks and businesses. It can help lay the foundation for new payments business initiatives, encouraging financial inclusion and banking reconciliation of Saudi banks. We welcome this momentous collaboration with IBM and Mastercard. It is a huge step forward that aligns with our ongoing smart solutions and payments modernization strategy, aimed towards achieving the assigned goals in vision 2030.“Maria Medvedeva, Vice President and Country Business Development Lead, Saudi Arabia, Mastercard, said: "This is a significant milestone in our real-time payments journey and is