Instant Money Transfers between Banks in Saudi Arabia

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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.

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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.

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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.