Riyadh – Mubasher: The Saudi Central Bank (SAMA) will launch the instant payments system on 21 February 2021 after successfully activating the system with a number of Saudi banks during the first pilot phase.
Once launched, the system will enable financial institutions, companies, and individuals to complete transfer transactions between different banks instantly around the clock, according to a press release on Thursday.
The system is a key step to enhance the kingdom’s position in the banking and financial technology (FinTech) sector services and transform it into a leading hub for FinTech innovation.
Furthermore, it will contribute to realising the goals of the Financial Sector Development Programme, a Vision 2030 programme that aims towards a more cashless society.
Developed by Saudi Payments, the new system will help reduce operating costs and enhance the transparency of payments amongst companies and individuals.
