Vocalink, a Mastercard company, and an international payment systems provider, is now in alliance with the Saudi Payments, a fully owned subsidiary of the Saudi Arabian Monetary Authority (SAMA) in order to launch real-time payments in the Saudi Arabian region. The collaboration will enable peer to peer payments to be made in a fraction of second between businesses, financial institutions, and consumers, a market-first in the country. Moreover, the new technology will have a positive impact on the country’s economy by enhancing its payments infrastructure. In addition, accelerating digital commerce and enabling new financial and fintech institutions to take advantage of the benefits of a digital economy.
The revolutionary payment system will provide services like credit transfers, e-invoicing and billing, real-time payment acknowledgement, remittances, and bulk payments instantly. The platform is built on the latest ISO messaging standards, promoting further integration and innovation across the globe. The technology enables quick peer-to-peer money transfers from smartphones without the need of the recipient’s bank details. Overall, the platform will reach many financial institutions and accounts, working with Saudi Payments’ third-party services, reinforcing anti-fraud and compliance processes.