Instant payment system interbank launch on Sunday, 21st February 2021, the Central Bank of Saudi Arabia will launch the quick money transfer system, which will enable financial institutions, companies, and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week.
Also Read: 7 Mobile Apps Everyone Must Have in Saudi Arabia
Interbank Faster Money Transfers in Saudi Arabia
The bank affirmed that the system developed by “Saudi Payments”, once activated, will enable beneficiaries to implement immediate financial transfers between accounts in local banks, with less fees than the current system of interbank transfers.
Also Read: Saudization in Restaurants, Malls and Education Professions
They noted that the system will work seamlessly between Saudi banks and financial technology companies, and will contribute to increasing transparency in payments between companies and individuals, activating innovation in financial services, and raising the quality of services provided to the final beneficiaries.
For the latest updates, you can like our Facebook page
Join our Facebook Food Group Foodaholics - Riyadh and share your experience there.
Have a question to ask? Send message on Facebook.