The Saudi Central Bank (SAMA) has announced that it will be launching a round the clock instant payment system effective from 21st of February onwards.
Upon its activation, the system will allow financial institutions, companies, and individuals to complete transactions instantaneously across various banks 24/7.
SAMA said in a statement that this initiative follows the successful activation of the system’s first pilot phase with several Saudi banks.
The system, supervised by SAMA, is in line with the Financial Sector Development Program (FSDP) to achieve the objectives of the Saudi Vision 2030 reform plan.
SAMA has clarified that the system developed by Saudi Payments, the only and major payment system in Saudi established by the Ministry of Finance under the supervision of the central bank.
The instant payment system will enhance economic growth through increasing the efficiency of financial transactions between all parties in the corporate and retail sectors.
SAMA said this move will enable banking institutions and fintech companies to improve the current financial products and manage the cash flow for the business sector.