Saudi Payments handles over 5 mln transfers worth SAR 9 bln through SARIE

Logo of Saudi Payments

Saudi Payments implemented over 5 million money transfer transactions worth over SAR 9 billion through SARIE System, which was launched on Feb. 21, 2021, Al Eqtisadiah newspaper reported, citing Abdulaziz Al Afaleg, vice president of Operations and Shared Services at Saudi Payments.

The advanced infrastructure of the payment system, which connects local banks, helped facilitate and accelerate the process of linking the system with banks, while the challenge was in the activation mechanism in a way that does not affect smooth cash flows, and ensures its continuity, in addition to the ability of the system to absorb the number of operations carried out.

Saudi Payments is constantly working to enhance the efficiency of systems and test their ability to deal with crises and disasters, if they occur, Al Afaleg said, pointing out that other phases of the system will be launched that include new services and features, and will be available to connect the providers of financial sector services, banking and financial technology companies (Fintech).

In February, the Saudi Central Bank (SAMA) launched the instant payment system “SARIE”, according to data compiled by Argaam.

The services by SARIE allow the banking clients to send and receive low-value local transactions around the clock for a low fee, not exceeding SAR 1.