The Saudi Central Bank has rolled out an instant payment system named “Sarie” that allows banking clients to transact with better convenience and a fee not exceeding 1 Riyal.
His Excellency Governor of the Central Bank, Dr. Fahad bin Abdullah Al-Mubarak emphasized on the focus of the payment system- track the growth of the Kingdom’s payment sector and empower the national infrastructure for online payments.
The payment system will also provide transfer options and services like usage of mobile number as an identifier, replacing international bank account number (IBAN), for bank transactions.
The Sarie system launch is a part of the series of SAMA-led initiatives to enhance its infrastructure and stimulate the national payment’s ecosystem, said Al-Mubarak.
The national payment system plays an important role in consolidating the Kingdom’s position in the financial sector. The system caters the needs of various segments of the economy with innovative and secure payment methods and boosts the effectiveness of the liquidity circulation in the financial sector by driving digital transformation and reducing operational costs involved in cash handling; he added.
After several months of meticulous work with partners amid the Covid-19 pandemic, the launch of the instant payment system’ deployment across local banks is one of the first and fastest in the world, remarked Saudi Payments Management Director, Fahd Al-Akeel.