Riyadh – Mubasher: US Mastercard’s international payment systems provider Vocalink has signed an agreement with Saudi Arabian Monetary Authority’s (SAMA) fully-owned unit Saudi Payments to launch real-time payments in the kingdom.
The agreement will enable instant account-to-account payments between financial institutions, businesses, and consumers in Saudi Arabia, according to a company statement released on Thursday.
“Our partnership with Vocalink and IBM to enable instant payments between financial institutions, businesses and consumers will introduce innovative solutions that will benefit our society for generations,” Saudi Payments’ managing director Ziad Bin Bandar Al-Yousef said.
The new technology will have a positive impact on the Saudi Arabian economy through the upgrade of its payments infrastructure, which will significantly speed up digital commerce.
“Real-time payments are transforming the financial services sector globally, showcasing tremendous potential in creating efficiencies across national economies and redefining the overall experience for users in Saudi,” general manager of Saudi Arabia & Bahrain at Mastercard J.K. Khalil commented.
