The Saudi Central Bank (SAMA) on Saturday launched Instant Payment System in Saudi Arabia “SARIE”.
Saudi Central Bank Launched the Instant Payment System
Sarie allows banking clients to send and receive low-value local transactions 24 hours for a low fee, not exceeding one riyal.
Additionally, the system also offers transfers using the mobile number as an identifier instead of the IBAN for transactions between banks and verifying the recipient’s bank account’s validity before completing the transaction.
Furthermore, any financial transaction of less than SR 20,000 will be instantly credited to the recipient’s account by the system.
The system also offers a quick transfer service, which allows the banking clients to send payments of amounts less than SR 2,500 without adding or activating the beneficiary upon activation by the account holder.