Riyadh— The Saudi Central Bank, SAMA, is currently studying the prospect of raising and determining the upper ceiling for inter-bank instant transfers.
The upper ceiling could range between SR60,000 and SR80,000. It will be available at the end of 2022 as the second phase of the inter-bank instant transfer service.
It is noteworthy that SAMA launched the first phase of the inter-bank instant money transfer system (sarie) on Feb. 20, 2021. The new system helped organizations and individuals carry out inter-bank instant money transfers 24/7.
Ziad Alyousef, SAMA’s deputy governor for development and technology, said that the old 9 to 5 payment system would operate for large financial operations between banks.
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In contrast, the inter-bank instant payment system launched last year will be meant for individuals and organizations.
Alyousef said that SAMA worked to strengthen the instant payments system, launched last year to ensure its reliability and the safety of financial transactions.
“We are studying the prospect of raising the ceiling of money transfers, and there has been no agreed-upon limit with the financial sector so far,” reports Al-Eqtisadiah.
SAMA is aware of the significance of the inter-bank instant payments system. It represents an added value and quality to the national payments infrastructure.
According to SAMA sources, sarie services would allow the bank customers to send and receive low-value local transactions around the clock for a nominal fee.
Meanwhile, the system will provide beneficiaries with additional services and transfer options.
These include a mobile number as an identifier instead of the IBAN for transactions between banks and verifying the recipient’s bank account before completing the transaction.
Any financial transaction of less than SR 20,000 will be credited instantly to the recipient account through the sarie system.
The quick transfer service allows bank customers to send payments of less than SR2,500 without adding and activating the beneficiary.